GMG.AX rockets 1.35% on low volume


Goodman Group Limited (GMG.AX) Technical Analysis Report for May 18, 2018 [1 min read]
Highlights
GMG.AX rallies 1.35% on low volume
GMG.AX ends the day on a bullish note closing near the high of the day
GMG.AX runs into sellers again around 9.01
GMG.AX still stuck within tight trading range
GMG.AX closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

GMG.AX finished the week -0.88% lower at 9.00 after surging A$0.12 (1.35%) today on low volume. This is the biggest single day gain in over three weeks. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. 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

Friday's trading range was A$0.09 (1.01%), that's far below last trading month's daily average range of A$0.13. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 8.84 and 9.08 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving lower in the prior session, the share managed to close higher but below the previous day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to the key resistance level at 9.06. After having been unable to move above 9.02 in the prior session, Goodman Group ran into sellers again around the same price level today, failing to move higher than 9.01.

Trend

While the stock is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 9.06 where further buy stops might get triggered.

Conclusion

While classical technical analysis indicates a neutral 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
Strong Up Move TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Very Strong Up Move TQ Pro Members Only
RSI(14) above 70 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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