GEM.AX ends the day on a bullish note closing near the high of the day

G8 Education Limited (GEM.AX) Technical Analysis Report for Sep 14, 2018

Highlights

GEM.AX dominated by bulls lifting the market higher throughout the day
GEM.AX ends the day on a bullish note closing near the high of the day
GEM.AX closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 42% Bullish
Technical Forecast:

Overview

GEM.AX finished the week -5.26% lower at 1.98 after gaining A$0.04 (2.06%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for GEM.AX

Volatility

Friday's trading range was A$0.04 (2.06%), that's below last trading month's daily average range of A$0.07. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving lower in the prior session, the share managed to close higher but below the previous day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to the key resistance level at 2.01.

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 nearby swing low at 1.91 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 slightly bearish.

Market Conditions for G8 Education Limited

Condition Forecast Direction Win Rate Exit Day Events
High close to previous High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

GEM.AX stuck within tight trading range

Sep 18, 2018
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