GMG.AX breaks below previous session low
Goodman Group Limited (GMG.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
GMG.AX finished the week 0.41% higher at 9.91 after losing A$0.09 (-0.9%) today. Today's closing price of 9.91 marks the lowest close since August 3rd. Closing below Thursday's low at 9.93, the market confirms its breakout through the previous session's low having traded A$0.05 below it intraday.
Daily Candlestick Chart (GMG.AX as at Aug 10, 2018):
Friday's trading range was A$0.10 (1.0%), that's slightly below last trading month's daily average range of A$0.11. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average.
After trading as low as 9.88 during the day, Goodman Group bounced off the key support level at 9.88. The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 10.03 where further buy stops could get triggered.