VOC.AX closes higher for the 2nd day in a row


Vocus Group Limited (VOC.AX) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
VOC.AX finds buyers at key support level
VOC.AX closes higher for the 2nd day in a row
VOC.AX closes within previous day's range after lackluster session
VOC.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 16% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, VOC.AX finished the week -3.67% lower at 2.36 after gaining A$0.01 (0.43%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. 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$0.04 (1.69%), that's far below last trading month's daily average range of A$0.06. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

After trading as low as 2.33 during the day, Vocus Group bounced off the key support level at 2.33. The failure to close below the support might increase that levels importance as support going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling could accelerate should prices move below the close-by swing low at 2.32 where further sell stops might get triggered. Further selling could move prices lower should the market test July's nearby low at 2.29.

Conclusion

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

Market Conditions for Vocus Group Limited
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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