VOC.AX soars 4.48% on high volume
Vocus Group Limited (VOC.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
VOC.AX finished Thursday at 2.33 surging A$0.10 (4.48%) on high volume. This is the biggest single day gain in over two weeks. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 2.26, Vocus Group confirms its breakout through the previous session's high having traded A$0.09 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (VOC.AX as at Jun 14, 2018):
Thursday's trading range was A$0.13 (5.83%), that's far above last trading month's daily average range of A$0.08. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
In spite of a weak opening the stock managed to close above the prior day's open and close, forming a bullish Engulfing Candle.
Breaking through the key resistance level at 2.30 today, it is now likely to act as support going forward. After having been unable to move lower than 2.21 in the previous session, the market found buyers again around the same price level today at 2.22.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.