DXS.AX breaks key support level


Dexus (DXS.AX) Technical Analysis Report for Apr 17, 2018 [< 1 min read]
Highlights
DXS.AX breaks key support level
DXS.AX breaks below previous session low
DXS.AX falls to lowest close since February 12th
TQ Sentiment
Report Sentiment: 60% Bearish
Technical Forecast:
Overview

DXS.AX finished Tuesday at 9.16 losing A$0.06 (-0.65%). Today's closing price of 9.16 marks the lowest close since February 12th. Closing below Saturday's low at 9.19, Dexus confirms its breakout through the previous session's low having traded A$0.07 below it intraday.

Daily chart for DXS.AX
Volatility

Tuesday's trading range was A$0.13 (1.41%), that's slightly above last trading month's daily average range of A$0.12. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.

Price Action

Notwithstanding a strong opening the share closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 9.09. Breaking below the key support level at 9.22 today, it is now likely to act as resistance going forward.

Trend

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

Order Flow

With prices trading close to this year's low at 8.98, downside momentum could accelerate should the stock break out to new lows for the year. Further selling might move prices lower should the market test March's nearby low at 9.09.

Conclusion

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

Market Conditions for Dexus
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
Hanging Man TQ Pro Members Only
Doji TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

DXS.AX stuck within tight trading range

Jul 19, 2018
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