NCM.AX dominated by bears dragging the market lower throughout the day


Newcrest Mining Ltd (NCM.AX) Technical Analysis Report for May 18, 2018 [< 1 min read]
Highlights
NCM.AX breaks key support level
NCM.AX dominated by bears dragging the market lower throughout the day
NCM.AX closes lower for the 5th day in a row
NCM.AX breaks below previous session low
NCM.AX falls to lowest close since April 23rd
TQ Sentiment
Report Sentiment: 60% Bearish
Technical Forecast:
Overview

Moving lower for the 5th day in a row, NCM.AX finished the week -6.75% lower at 20.72 after losing A$0.41 (-1.94%) today. Today's closing price of 20.72 marks the lowest close since April 23rd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 20.82, the share confirms its breakout through the prior session's low having traded A$0.22 below it intraday.

Daily chart for NCM.AX
Volatility

Friday's trading range was A$0.57 (2.7%), that's far above last trading month's daily average range of A$0.37. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly above average.

Support/Resistance

Breaking below the key support level at 21.03 today, it is now likely to act as resistance going forward.

Trend

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

Conclusion

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

Market Conditions for Newcrest Mining Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
4 Consecutive Lower Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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