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ASX50 unable to break through key resistance level


Technical Analysis Report for ASX50 - May 17, 2018 [< 1 min read]
Highlights
ASX50 unable to break through key resistance level
ASX50 breaks below previous session low
ASX50 falls to lowest close since May 7th
ASX50 ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

ASX50 ended Thursday at 5928.70 losing A$15.30 (-0.26%). Today's closing price of 5928.70 marks the lowest close since May 7th. Closing below Wednesday's low at 5930.40, ASX 50 Index confirms its breakout through the prior session's low having traded A$19.50 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for ASX50
Volatility

Thursday's trading range was A$47.20 (0.79%), that's above last trading month's daily average range of A$40.98. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Price Action

Regardless of a strong opening the market closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Unable to break through the key technical resistance level at 5947.20, the stock index closed below it after spiking as high as 5958.10 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.

Trend

The index shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

Selling could speed up should prices move below the close-by swing low at 5894.50 where further sell stops might get triggered.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Resistance R1 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bearish Engulfing Candle TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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