GXL.AX closes lower for the 4th day in a row


Greencross Limited (GXL.AX) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
GXL.AX dominated by bears dragging the market lower throughout the day
GXL.AX closes lower for the 4th day in a row
GXL.AX ends the day on a bearish note closing near the low of the day
GXL.AX finds buyers again around 4.08
GXL.AX falls to lowest close since July 26th
TQ Sentiment
Report Sentiment: 42% Bearish
Technical Forecast:
Overview

Moving lower for the 4th day in a row, GXL.AX finished the week -6.83% lower at 4.09 after losing A$0.04 (-0.97%) today. Today's closing price of 4.09 marks the lowest close since July 26th. The bears were in full control today, moving the market lower throughout the whole session. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for GXL.AX
Volatility

Friday's trading range was A$0.08 (1.92%), that's below last trading month's daily average range of A$0.13. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to the key resistance level at 4.18. After having been unable to move lower than 4.09 in the prior session, the share found buyers again around the same price level today at 4.08.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling might speed up should prices move below the close-by swing low at 3.98 where further sell stops could get activated. With prices trading close to this year's low at 3.84, downside momentum might accelerate should Greencross Limited break out to new lows for the year. Further selling could move prices lower should the market test July's nearby low at 3.98.

Conclusion

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 Greencross Limited
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Bearish Bounce off SMA 20 TQ Pro Members Only
3 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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