GEM.AX stuck within tight trading range


G8 Education Limited (GEM.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
GEM.AX finds buyers around 2.40 for the third day in a row
GEM.AX stuck within tight trading range
GEM.AX closes within previous day's range after lackluster session
GEM.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 28% Bullish
Technical Forecast:
Overview

GEM.AX finished Thursday at 2.42 flat on low volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for GEM.AX
Volatility

Thursday's trading range was A$0.04 (1.65%), that's far below last trading month's daily average range of A$0.08. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 2.40 and 2.48 which it has been in now for the last three days.

Support/Resistance

Prices are trading close to a key support level at 2.39. G8 Education found buyers again today around 2.40 for the third trading day in a row after having found demand at 2.41 in the previous session and at 2.41 two days ago.

Trend

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

Order Flow

Buying could accelerate should prices move above the nearby swing high at 2.50 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 2.39 where further sell stops might get triggered.

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 G8 Education Limited
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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