Trading: SELL @ $0.65
Signal Strength: WEAK
Indicator MUST BE USED in additional to another technical indicator to confirmation for trading entry. Indicator can be applied to the short term timeframe but is only able to give and indication of the strength of the buyers versus sellers at the market close. This bar analysis can provide guidance on the daily battle between sellers and buyers from the companies recent trading.
Freelancer (ASX:FLN) sellers are increasingly eager. This is the first day sellers have increasing eagerness for FLN adding strength to a downtrend in the first timeframe. The biggest price range this month has been $0.1150 & the greatest daily price range this year has been $0.2450. The price range ratio this week versus the quarterly price range is 0.6x & the price range ratio this month versus the year to date price range is 0.5x.
The range of the bar gives important information about the strength of weakness of a trend. If buyers are very committed they will be keen to buy and will tend to bid the price up even in the face of some selling pressure. Price will quickly & easily move upward and the move will tend to be significant. As such expanding ranges indicate the either buyers or sellers becoming more committed. Alternatively once the range begins to contract the side in control are losing commitment.
Calculation: Range Today Versus Range Yesterday (RTRY):
1) Expanding ranges on the upside indicates that buyers are increasingly eager;
2) Expanding ranges on the downside indicates that sellers are increasingly eager;
3) Contracting ranges on the upside indicates that buyers are becoming less eager;
4) Contracting ranges on the downside indicates that sellers are becoming less eager;
PROFILE: Freelancer (FLN.AX)
Stock Exchange: ASX
Ticker Codes: | FLN.AX | ASX:FLN |
Freelancer Limited operates a freelancing and crowdsourcing marketplace in Australia. It operates through two segments, Online Marketplace and Online Payment Services. The company, through its marketplace, hires freelancers to do work in areas, such as software development, writing, data entry and design, engineering, sciences, sales and marketing, and accounting and legal services. It connects employers and freelancers from approximately 247 countries, regions, and territories. The company also provides escrow payment services. Freelancer Limited was founded in 2009 and is based in Sydney, Australia.
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