GMG.AX closes higher for the 2nd day in a row


Goodman Group Limited (GMG.AX) Technical Analysis Report for Apr 17, 2018 [1 min read]
Highlights
GMG.AX pushes through key resistance level
GMG.AX closes above its opening price after recovering from early selling pressure
GMG.AX closes higher for the 2nd day in a row
GMG.AX ends the day on a bullish note closing near the high of the day
GMG.AX finds buyers again around 8.48
TQ Sentiment
Report Sentiment: 57% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, GMG.AX ended Tuesday at 8.58 gaining A$0.05 (0.59%). Trading up to A$0.05 lower after the open, Goodman Group managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond 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

Tuesday's trading range was A$0.11 (1.29%), 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 below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Breaking through the key resistance level at 8.54 today, it is now likely to act as support going forward. After having been unable to move lower than 8.49 in the prior session, the market found buyers again around the same price level today at 8.48.

Trend

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

Order Flow

Buying might speed up should prices move above the nearby swing high at 8.64 where further buy stops could get activated. 2,017's high at 8.79 is within reach and we might see further upside momentum should the share manage to break out past.

Conclusion

Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a bullish sentiment.

Market Conditions for Goodman Group Limited
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Black Candle TQ Pro Members Only
Very Strong Down Move TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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