GNC.AX finds buyers at key support level


Graincorp Limited Class A (GNC.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
GNC.AX closes above its opening price after recovering from early selling pressure
GNC.AX finds buyers at key support level
GNC.AX finds support at 20-day moving average
GNC.AX runs into sellers again around 7.95
GNC.AX closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 42% Bullish
Technical Forecast:
Overview

GNC.AX ended Thursday at 7.91 flat. Trading up to A$0.08 lower after the open, the market 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 in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for GNC.AX
Volatility

Thursday's trading range was A$0.13 (1.65%), that's below last trading month's daily average range of A$0.17. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.

Support/Resistance

After trading as low as 7.82 during the day, Graincorp Limited bounced off the key support level at 7.84. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move above 7.95 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 7.95. After trading as low as 7.82 during the day, the stock found support at the 20-day moving average at 7.87.

Trend

GNC.AX shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Selling could accelerate should prices move below the close-by swing low at 7.79 where further sell stops might get activated.

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 Graincorp Limited Class A
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Black Candle TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bearish Short Candle TQ Pro Members Only
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