GMG.AX dominated by bears dragging the market lower throughout the day
Goodman Group Limited (GMG.AX) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (GMG.AX as at May 17, 2018):
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.
Notwithstanding a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle.
Prices are trading close to a key support level at 8.78.
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.