GMG.AX dominated by bears dragging the market lower throughout the day


Goodman Group Limited (GMG.AX) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
GMG.AX tanks -1.44% on low volume
GMG.AX dominated by bears dragging the market lower throughout the day
GMG.AX breaks below 20-day moving average
GMG.AX ends the day on a bearish note closing near the low of the day
GMG.AX breaks below previous session low
TQ Sentiment
Report Sentiment: 75% Bearish
Technical Forecast:
Overview

GMG.AX ended Thursday at 8.87 tanking A$0.13 (-1.44%) on low volume. This is the biggest single day loss in over a week. Today's closing price of 8.87 marks the lowest close since April 23rd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 8.89, Goodman Group confirms its breakout through the previous session's low having traded A$0.05 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for GMG.AX
Volatility

Thursday's trading range was A$0.18 (2.0%), that's far above last trading month's daily average range of A$0.13. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being below average.

Price Action

Notwithstanding a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 8.78.

Trend

While the market is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. The share broke below the 20-day moving average at 9.00 today for the first time since April 3rd.

Conclusion

While classical technical analysis indicates a bearish 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
Close to R1 Resistance TQ Pro Members Only
Gap Up TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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