VOC.AX closes higher for the 2nd day in a row
Vocus Group Limited (VOC.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (VOC.AX as at Aug 10, 2018):
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.
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
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.