ASX fails to close above 20-day moving average


S&P/ASX 200 Index (ASX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
ASX closes below its opening price unable to hold early session gains
ASX fails to close above 20-day moving average
ASX closes lower for the 2nd day in a row
ASX finds buyers again around 6007.50
ASX falls to lowest close since June 5th
TQ Sentiment
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, ASX finished Thursday at 6016.60 edging lower A$6.90 (-0.11%). Today's closing price of 6016.60 marks the lowest close since June 5th. Trading A$10.20 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior 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 ASX
Volatility

Thursday's trading range was A$26.20 (0.43%), that's below last trading month's daily average range of A$35.64. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Support/Resistance

Prices are trading close to a key support level at 5993.80. After having been unable to move lower than 6010.70 in the previous session, ASX Index found buyers again around the same price level today at 6007.50. After spiking up to 6033.70 during the day, the stock index found resistance at the 20-day moving average at 6032.88.

Trend

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

Order Flow

Selling could accelerate should prices move below the nearby swing low at 5982.20 where further sell stops might get activated. Further selling could move prices lower should the market test May's close-by low at 5964.10.

Conclusion

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

Market Conditions for S&P/ASX 200 Index
ConditionForecastDirectionWinAvgWorstBestEvents
Close to R1 Resistance TQ Pro Members Only
Close to Swing High TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bearish Spinning Top TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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