DOW.AX closes within previous day's range after lackluster session

Downer Edi Limited (DOW.AX) Technical Analysis Report for Sep 14, 2018

Highlights

DOW.AX closes above its opening price after recovering from early selling pressure
DOW.AX finds buyers at key support level
DOW.AX closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

DOW.AX finished the week 2.72% higher at 7.92 after gaining A$0.03 (0.38%) today on low volume. Trading up to A$0.04 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.

Daily chart for DOW.AX

Volatility

Friday's trading range was A$0.10 (1.27%), that's below last trading month's daily average range of A$0.13. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.

Support/Resistance

After trading as low as 7.84 during the day, the share bounced off the key support level at 7.87. The failure to close below the support might increase that levels importance as support going forward.

Trend

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

Order Flow

Buying could accelerate should prices move above the close-by swing high at 7.97 where further buy stops might get activated.

Conclusion

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

Market Conditions for Downer Edi Limited

Condition Forecast Direction Win Rate Exit Day Events
2 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
Strong Down Move TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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