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


Cimic Group Limited (CIM.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
CIM.AX closes lower for the 2nd day in a row
CIM.AX finds buyers again around 40.11
CIM.AX falls to lowest close since June 6th
CIM.AX closes within previous day's range
TQ Sentiment
Technical Forecast:
Overview

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.

Daily chart for CIM.AX
Volatility

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.

Support/Resistance

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.

Trend

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

Order Flow

Selling might accelerate should prices move below the close-by swing low at 39.60 where further sell stops could get activated.

Conclusion

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
ConditionForecastDirectionWinAvgWorstBest
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
More market conditions identified for TQ Pro members...
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