VOC.AX stuck within tight trading range

Vocus Group Limited (VOC.AX) Technical Analysis Report for Jul 13, 2018

Highlights

VOC.AX closes above its opening price after recovering from early selling pressure
VOC.AX fails to close above 100-day moving average
VOC.AX closes higher for the 2nd day in a row
VOC.AX finds buyers again around 2.34
VOC.AX stuck within tight trading range

TQ Sentiment

Report Sentiment:
Neutral
Technical Forecast:

Overview

Moving higher for the 2nd day in a row, VOC.AX finished the week 0.84% higher at 2.40 after edging higher A$0.01 (0.42%) today on low volume. Trading up to A$0.04 lower after the open, Vocus Group managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for VOC.AX

Volatility

Friday's trading range was A$0.08 (3.36%), that's slightly below last trading month's daily average range of A$0.09. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 2.33 and 2.42 which it has been in now for the last three days.

Support/Resistance

Prices are trading close to the key resistance level at 2.44. After having been unable to move lower than 2.33 in the previous session, the stock found buyers again around the same price level today at 2.34. After spiking up to 2.42 during the day, the market found resistance at the 100-day moving average at 2.40.

Trend

Although the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Selling could speed up should prices move below the close-by swing low at 2.33 where further sell stops might get activated. As prices are trading close to July's low at 2.29, downside momentum could accelerate should VOC.AX mark new lows for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.

Market Conditions for Vocus Group Limited

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