ASX ends the day on a bearish note closing near the low of the day


S&P/ASX 200 Index (ASX) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
ASX ends the day on a bearish note closing near the low of the day
ASX closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

ASX finished the week 0.75% higher at 6281.60 after losing A$16.10 (-0.26%) 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 with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for ASX
Volatility

Friday's trading range was A$29.80 (0.47%), that's below last trading month's daily average range of A$39.97. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Price Action

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 moving higher in the previous session, the index closed lower but above the prior day's open today, forming a bearish Harami Candle.

Support/Resistance

Prices are trading close to a key support level at 6277.30.

Trend

Although the market is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

Order Flow

Buying could speed up should prices move above the close-by swing high at 6313.60 where further buy stops might get triggered.

Conclusion

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

Market Conditions for S&P/ASX 200 Index
Condition Forecast Direction Win Avg Worst Best Events
Closed above last periods high TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Close above the upper Bollinger Band TQ Pro Members Only
Last Engulfing Top Pattern TQ Pro Members Only
52 Week High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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