CSR.AX breaks below prior session low

CSR Limited (CSR.AX) Technical Analysis Report for Sep 14, 2018

Highlights

CSR.AX closes below its opening price unable to hold early session gains
CSR.AX unable to break through key resistance level
CSR.AX closes lower for the 7th day in a row
CSR.AX ends the day on a bearish note closing near the low of the day
CSR.AX breaks below previous session low

TQ Sentiment

Report Sentiment: 66% Bearish
Technical Forecast:

Overview

Moving lower for the 7th day in a row, CSR.AX ended the week -6.44% lower at 3.92 after losing A$0.03 (-0.76%) today. Today's closing price of 3.92 marks the lowest close since August 8, 2017. Trading A$0.05 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 3.93, CSR Limited confirms its breakout through the previous session's low having traded A$0.02 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for CSR.AX

Volatility

Friday's trading range was A$0.10 (2.53%), that's slightly above last trading month's daily average range of A$0.08. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being way above average.

Support/Resistance

Unable to break through the key technical resistance level at 4.01, the share closed below it after spiking as high as 4.01 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.

Trend

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

Order Flow

2,017's low at 3.85 is within reach and we could see further downside momentum should the stock break out beyond.

Conclusion

Even though both sentiments are bearish for the next trading day, our quantitative statistics are only slightly bearish while the classical technical analysis metrics show a bearish sentiment.

Market Conditions for CSR Limited

Condition Forecast Direction Win Rate Exit Day Events
Closed below last periods low TQ Pro Members Only
Strong Down Move TQ Pro Members Only
RSI(2) below 20 TQ Pro Members Only
RSI(14) below 30 TQ Pro Members Only
Hammer TQ Pro Members Only
More market conditions identified for TQ Pro members...
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