ECX.AX pushes through key resistance level

Eclipx Group Limited (ECX.AX) Technical Analysis Report for Sep 14, 2018

Highlights

ECX.AX pushes through key resistance level
ECX.AX dominated by bulls lifting the market higher throughout the day
ECX.AX ends the day on a bullish note closing near the high of the day
ECX.AX pushes through previous session high

TQ Sentiment

Report Sentiment: 80% Bullish
Technical Forecast:

Overview

ECX.AX finished the week -3.73% lower at 2.58 after gaining A$0.07 (2.79%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 2.57, the share confirms its breakout through the prior session's high having traded A$0.02 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for ECX.AX

Volatility

Friday's trading range was A$0.08 (3.17%), that's far below last trading month's daily average range of A$0.10. 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

Breaking through the key resistance level at 2.54 today, it is now likely to act as support going forward.

Trend

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

Order Flow

Selling could accelerate should prices move below the close-by swing low at 2.48 where further sell stops might get activated. As prices are trading close to September's high at 2.74, upside momentum could speed up should the stock mark new highs for the month.

Conclusion

Even though both sentiments are bullish for the next trading day, our quantitative statistics are only slightly bullish while the classical technical analysis metrics show a bullish sentiment.

Market Conditions for Eclipx Group 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
Bearish Intraday Reversal TQ Pro Members Only
RSI(2) below 20 TQ Pro Members Only
Close below the lower Bollinger Band TQ Pro Members Only
More market conditions identified for TQ Pro members...
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