CSR.AX breaks below prior session low
CSR Limited (CSR.AX) Technical Analysis Report for Sep 14, 2018
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.
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
2,017's low at 3.85 is within reach and we could see further downside momentum should the stock break out beyond.
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||Direction||Win Rate||Win Rate||Exit Day||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|
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