DLX.AX closes lower for the 3rd day in a row

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

Highlights

DLX.AX closes below its opening price unable to hold early session gains
DLX.AX closes lower for the 3rd day in a row
DLX.AX ends the day on a bearish note closing near the low of the day
DLX.AX stuck within tight trading range
DLX.AX closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 22% Bearish
Technical Forecast:

Overview

Moving lower for the 3rd day in a row, DLX.AX finished the week 0.51% higher at 7.84 after losing A$0.02 (-0.25%) today on low volume. Trading A$0.03 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for DLX.AX

Volatility

Friday's trading range was A$0.05 (0.64%), that's far below last trading month's daily average range of A$0.13. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 7.80 and 7.91 which it has been in now for the last three days.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 7.82.

Trend

Though Duluxgroup Limited is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 7.91 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 7.80 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 bullish.

Market Conditions for Duluxgroup Limited

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