XRO.AX unable to break through key resistance level
Xero Limited (XRO.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, XRO.AX finished the week 2.95% higher at 46.34 after gaining A$0.54 (1.18%) today. Today's closing price of 46.34 marks the highest close since June 21st. Closing above Thursday's high at 46.27, the stock confirms its breakout through the prior session's high having traded A$0.60 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (XRO.AX as at Jul 13, 2018):
Friday's trading range was A$1.09 (2.37%), that's slightly below last trading month's daily average range of A$1.12. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being way below average.
Unable to break through the key technical resistance level at 46.50, the share closed below it after spiking as high as 46.87 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 47.81, upside momentum might speed up should the market be able to break out to new highs for the year. As prices are trading close to July's high at 47.12, upside momentum could accelerate should Xero Limited mark new highs for the month.