GNC.AX closes within prior day's range

Graincorp Limited Class A (GNC.AX) Technical Analysis Report for Aug 10, 2018 [1 min read]
GNC.AX finds buyers around 7.45 for the third day in a row
GNC.AX finds support at 20-day moving average
GNC.AX falls to lowest close since August 2nd
GNC.AX still stuck within tight trading range
GNC.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:

GNC.AX ended the week -0.13% lower at 7.49 after losing A$0.07 (-0.93%) today. Today's closing price of 7.49 marks the lowest close since August 2nd. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.

Daily chart for GNC.AX

Friday's trading range was A$0.17 (2.24%), that's above last trading month's daily average range of A$0.14. 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 7.43 and 7.62 which it has been in now for the last trading week.

Price Action

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


Prices are trading close to a key support level at 7.43. Prices are trading close to the key resistance level at 7.58. The stock found buyers again today around 7.45 for the third trading day in a row after having found demand at 7.45 in the previous session and at 7.43 two days ago. After trading as low as 7.45 during the day, the market found support at the 20-day moving average at 7.47.


While the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Selling could speed up should prices move below the nearby swing low at 7.43 where further sell stops might get activated.


While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.

Market Conditions for Graincorp Limited Class A
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Strong Up Move TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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