CIM.AX closes lower for the 2nd day in a row
Moving lower for the 2nd day in a row, CIM.AX ended Thursday at 40.46 losing A$0.04 (-0.1%). Today's closing price of 40.46 marks the lowest close since June 6th. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range.
Thursday's trading range was A$0.75 (1.87%), that's slightly below last trading month's daily average range of A$0.90. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.
Prices are trading close to the key resistance level at 41.26. After having been unable to move lower than 40.28 in the previous session, the market found buyers again around the same price level today at 40.11.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 39.60 where further sell stops could get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.
Market Conditions for Cimic Group Limited
|Close to R1 Resistance||TQ Pro Members Only|
|Doji||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
|Bearish Bounce off SMA 20||TQ Pro Members Only|
|Close near low of period||TQ Pro Members Only|
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