DOW.AX tanks -1.58% on low volume


Downer Edi Limited (DOW.AX) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
DOW.AX tanks -1.58% on low volume
DOW.AX breaks key support level
DOW.AX finds buyers around 7.48 for the third day in a row
DOW.AX dominated by bears dragging the market lower throughout the day
DOW.AX ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 55% Bearish
Technical Forecast:
Overview

DOW.AX ended the week unchanged at 7.49 after tanking A$0.12 (-1.58%) today on low volume. This is the biggest single day loss in over three weeks. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for DOW.AX
Volatility

Friday's trading range was A$0.20 (2.61%), that's far above last trading month's daily average range of A$0.13. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.

Price Action

Despite a strong opening the market closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 7.46. Breaking below the key support level at 7.58 today, it is now likely to act as resistance going forward. The share found buyers again today around 7.48 for the third trading day in a row after having found demand at 7.46 in the prior session and at 7.47 two days ago.

Trend

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

Order Flow

Selling could speed up should prices move below the nearby swing low at 7.46 where further sell stops might get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.

Market Conditions for Downer Edi Limited
Condition Forecast Direction Win Avg Worst Best Events
Strong Up Move TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Very Strong Up Move TQ Pro Members Only
Close near low of period TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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