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
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.
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.
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.
Prices are trading close to the key resistance level at 2.01.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 1.91 where further sell stops might get triggered.
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||Direction||Win Rate||Win Rate||Exit Day||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|
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