Trading: BUY @ $11.42
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.
Transurban (ASX:TCL) sellers are becoming less eager. This is the first day sellers have decreased eagerness for TCL reducing strength to a downtrend in the first timeframe. The biggest price range this month has been $0.6150 & the greatest daily price range this year has been $1.8900. The price range ratio this week versus the quarterly price range is 0.2x & the price range ratio this month versus the year to date price range is 0.3x.
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: Transurban (TCL.AX)
Stock Exchange: ASX
Ticker Codes: | TCL.AX | ASX:TCL |
Transurban Group develops, operates, maintains, and finances urban toll road networks. It holds interest in 15 toll roads in Melbourne, Sydney, and Brisbane in Australia; and the Greater Washington Area in the United States. The company is headquartered in Docklands, Australia.
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