GEM.AX breaks key support level


G8 Education Limited (GEM.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
GEM.AX breaks key support level
GEM.AX finds support at 20-day moving average
GEM.AX closes lower for the 2nd day in a row
GEM.AX ends the day on a bearish note closing near the low of the day
GEM.AX breaks below previous session low
TQ Sentiment
Report Sentiment: 37% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, GEM.AX ended the week 0.85% higher at 2.38 after losing A$0.05 (-2.06%) today. Today's closing price of 2.38 marks the lowest close since July 6th. Closing below Thursday's low at 2.41, the share confirms its breakout through the prior session's low having traded A$0.04 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for GEM.AX
Volatility

Friday's trading range was A$0.09 (3.7%), that's far above last trading month's daily average range of A$0.07. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 2.34. Breaking below the key support level at 2.40 today, it is now likely to act as resistance going forward. After trading as low as 2.37 during the day, the stock found support at the 20-day moving average at 2.38.

Trend

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Selling might speed up should prices move below the close-by swing low at 2.34 where further sell stops could get activated. Further selling might move prices lower should the market test June's nearby low at 2.29.

Conclusion

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

Market Conditions for G8 Education Limited
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bullish Bounce off SMA 50 TQ Pro Members Only
Bullish Harami Candle TQ Pro Members Only
Bullish Break through SMA 50 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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