VCX.AX breaks below 20-day moving average
Vicinity Limited (VCX.AX) Technical Analysis Report for May 17, 2018
Moving lower for the 3rd day in a row, VCX.AX ended Thursday at 2.48 losing A$0.03 (-1.2%). Today's closing price of 2.48 marks the lowest close since May 1st. Closing below Wednesday's low at 2.51, the market confirms its breakout through the previous session's low having traded A$0.05 below it intraday.
Thursday's trading range was A$0.06 (2.39%), that's far above last trading month's daily average range of A$0.03. Weekly volatility is also higher, being way above the markets average with the monthly volatility being above average.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. The stock broke below the 20-day moving average at 2.48 today for the first time since March 21st.
As prices are trading close to May's low at 2.43, downside momentum could speed up should Vicinity Limited mark new lows for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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