LLC.AX finds support at 20-day moving average
Moving lower for the 2nd day in a row, LLC.AX finished Thursday at 18.90 losing A$0.14 (-0.74%). Today's closing price of 18.90 marks the lowest close since June 1st. Trading A$0.11 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was A$0.26 (1.37%), that's slightly above last trading month's daily average range of A$0.25. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Unable to break through the key technical resistance level at 18.97, the stock closed below it after spiking as high as 19.07 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move lower than 18.84 in the previous session, Lend Lease found buyers again around the same price level today at 18.81. After trading as low as 18.81 during the day, the market found support at the 20-day moving average at 18.83.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
As prices are trading close to June's low at 18.79, downside momentum might accelerate should LLC.AX mark new lows for the month.
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 Lend Lease Group
|Down Close Near Low of Period||TQ Pro Members Only|
|2 Consecutive Lower Closes||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
|RSI(2) below 20||TQ Pro Members Only|
|Close near low of period||TQ Pro Members Only|
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