ASX finds buyers again around 6079.50


S&P/ASX 200 Index (ASX) Technical Analysis Report for May 18, 2018 [1 min read]
Highlights
ASX closes below its opening price unable to hold early session gains
ASX finds buyers at key support level
ASX closes lower for the 2nd day in a row
ASX finds buyers again around 6079.50
ASX falls to lowest close since May 7th
TQ Sentiment
Report Sentiment: 22% Bullish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, ASX finished the week -0.47% lower at 6087.40 after edging lower A$6.90 (-0.11%) today. Today's closing price of 6087.40 marks the lowest close since May 7th. Trading A$16.30 higher after the open, ASX Index 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

Friday's trading range was A$31.10 (0.51%), that's below last trading month's daily average range of A$38.34. 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 previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

After trading as low as 6079.50 during the day, the stock index bounced off the key support level at 6083.30. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 6077.60 in the prior session, the market found buyers again around the same price level today at 6079.50.

Trend

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

Order Flow

Selling could speed up should prices move below the nearby swing low at 6077.60 where further sell stops might get triggered. With prices trading close to this year's high at 6150.00, upside momentum could accelerate should the index be able to break out to new highs for the year.

Conclusion

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