DXS.AX finds support at 50-day moving average


Dexus (DXS.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
DXS.AX breaks below 200-day moving average
DXS.AX closes above its opening price after recovering from early selling pressure
DXS.AX finds support at 50-day moving average
DXS.AX closes lower for the 3rd day in a row
DXS.AX falls to lowest close since May 17th
TQ Sentiment
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, DXS.AX ended Thursday at 9.60 edging lower A$0.01 (-0.1%). Today's closing price of 9.60 marks the lowest close since May 17th. Trading up to A$0.12 lower after the open, the share 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. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for DXS.AX
Volatility

Thursday's trading range was A$0.16 (1.67%), that's slightly above last trading month's daily average range of A$0.15. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to the key resistance level at 9.69. After trading as low as 9.47 during the day, the stock found support at the 50-day moving average at 9.56.

Trend

Dexus shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. The market broke below the 200-day moving average at 9.61 today for the first time since May 16th.

Order Flow

Further selling could move prices lower should the market test May's close-by low at 9.44.

Conclusion

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

Market Conditions for Dexus
ConditionForecastDirectionWinAvgWorstBest
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
More market conditions identified for TQ Pro members...
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