GOZ.AX runs into sellers again around 3.71

Growthpoint Property Unit/ Stapled Securities (GOZ.AX) Technical Analysis Report for Jul 13, 2018

Highlights

GOZ.AX breaks below 20-day moving average
GOZ.AX ends the day on a bearish note closing near the low of the day
GOZ.AX runs into sellers again around 3.71
GOZ.AX closes within previous day's range

TQ Sentiment

Report Sentiment:
66% Bearish
Technical Forecast:

Overview

GOZ.AX ended the week -0.82% lower at 3.65 after losing A$0.04 (-1.08%) today. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for GOZ.AX

Volatility

Friday's trading range was A$0.06 (1.63%), that's slightly above last trading month's daily average range of A$0.05. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Price Action

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

Support/Resistance

After having been unable to move above 3.71 in the prior session, Growthpoint Property ran into sellers again around the same price level today, failing to move higher than 3.71.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The market broke below the 20-day moving average at 3.65 today for the first time since July 11th.

Order Flow

Selling might speed up should prices move below the close-by swing low at 3.62 where further sell stops could get triggered. With prices trading close to this year's high at 3.73, upside momentum might accelerate should the share be able to break out to new highs for the year.

Conclusion

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

Market Conditions for Growthpoint Property Unit/ Stapled Securities

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GOZ.AX pushes through prior session high

Sep 24, 2018
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