ECX.AX unable to break through key resistance level


Eclipx Group Limited (ECX.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
ECX.AX unable to break through key resistance level
ECX.AX closes lower for the 5th day in a row
ECX.AX falls to lowest close since May 10th
ECX.AX closes within previous day's range
ECX.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 20% Bearish
Technical Forecast:
Overview

Moving lower for the 5th day in a row, ECX.AX ended the week -1.57% lower at 3.14 after losing A$0.01 (-0.32%) today. Today's closing price of 3.14 marks the lowest close since May 10th. Closing within the previous day's range, prices failed to decisively move beyond the prior 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 ECX.AX
Volatility

Friday's trading range was A$0.06 (1.9%), that's slightly below last trading month's daily average range of A$0.06. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Unable to break through the key technical resistance level at 3.16, the share closed below it after spiking as high as 3.16 during the day. The failure to close above the resistance might increase that levels importance 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 3.03, downside momentum could accelerate should the market break out to new lows for the year.

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 Eclipx Group Limited
ConditionForecastDirectionWinAvgWorstBestEvents
White Candle TQ Pro Members Only
Tweezer Top TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
4 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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