ASX50 runs into sellers again around 6143.40


S&P/ASX 50 Index (ASX50) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
ASX50 closes above its opening price after recovering from early selling pressure
ASX50 closes higher for the 2nd day in a row
ASX50 runs into sellers again around 6143.40
ASX50 closes within previous day's range after lackluster session
ASX50 ends the day indecisive
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, ASX50 finished the week -0.11% lower at 6125.80 after edging higher A$0.50 (0.01%) today. Trading up to A$21.70 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous 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 ASX50
Volatility

Friday's trading range was A$39.80 (0.65%), that's below last trading month's daily average range of A$47.48. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

After having been unable to move above 6137.50 in the prior session, the stock index ran into sellers again around the same price level today, failing to move higher than 6143.40.

Trend

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

Order Flow

Buying could speed up should prices move above the nearby swing high at 6167.10 where further buy stops might get activated.

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 50 Index
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Black Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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