GMG.AX closes higher for the 2nd day in a row
Goodman Group Limited (GMG.AX) Technical Analysis Report for Apr 17, 2018
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.
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.
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.
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 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.
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.
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