GMG.AX dominated by bulls lifting the market higher throughout the day


Goodman Group Limited (GMG.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
GMG.AX dominated by bulls lifting the market higher throughout the day
GMG.AX finds buyers at key support level
GMG.AX ends the day on a bullish note closing near the high of the day
GMG.AX finds buyers again around 9.36
GMG.AX rises to highest close since June 5th
TQ Sentiment
Report Sentiment: 50% Bullish
Technical Forecast:
Overview

GMG.AX finished Thursday at 9.49 gaining A$0.05 (0.53%) on low volume. Today's closing price of 9.49 marks the highest close since June 5th. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for GMG.AX
Volatility

Thursday's trading range was A$0.16 (1.71%), that's slightly above last trading month's daily average range of A$0.15. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 9.36 and 9.55 which it has been in now for the last trading week.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.

Support/Resistance

After trading as low as 9.36 during the day, the stock bounced off the key support level at 9.38. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 9.55. After having been unable to move lower than 9.37 in the prior session, the share found buyers again around the same price level today at 9.36.

Trend

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

Order Flow

Buying could accelerate should prices move above the close-by swing high at 9.55 where further buy stops might get activated. With prices trading close to this year's high at 9.69, upside momentum could speed up should the market be able to break out to new highs for the year.

Conclusion

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

Market Conditions for Goodman Group Limited
Condition Forecast Direction Win Avg Worst Best Events
Bearish Spinning Top TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
52 Week High TQ Pro Members Only
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