CGF.AX closes lower for the 2nd day in a row


Challenger Limited (CGF.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
CGF.AX breaks key support level
CGF.AX finds support at 100-day moving average
CGF.AX closes lower for the 2nd day in a row
CGF.AX breaks below previous session low
CGF.AX falls to lowest close since May 17th
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, CGF.AX ended Thursday at 12.37 losing A$0.32 (-2.52%) on high volume. Today's closing price of 12.37 marks the lowest close since May 17th. Closing below Wednesday's low at 12.45, the stock confirms its breakout through the prior session's low having traded A$0.28 below it intraday.

Daily chart for CGF.AX
Volatility

Thursday's trading range was A$0.47 (3.73%), that's above last trading month's daily average range of A$0.29. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being way below average.

Support/Resistance

Breaking below the key support level at 12.50 today, it is now likely to act as resistance going forward. After trading as low as 12.17 during the day, Challenger Limited found support at the 100-day moving average at 12.33.

Trend

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

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 Challenger Limited
Condition Forecast Direction Win Avg Worst Best Events
2 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

CGF.AX breaks below prior session low

Aug 15, 2018
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