NHF.AX breaks key support level


Nib Holdings Limited (NHF.AX) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
NHF.AX breaks key support level
NHF.AX breaks below 100-day moving average
NHF.AX stuck within tight trading range
NHF.AX closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

NHF.AX finished the week 1.79% higher at 5.70 after losing A$0.06 (-1.04%) today on low volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.

Daily chart for NHF.AX
Volatility

Friday's trading range was A$0.08 (1.39%), that's below last trading month's daily average range of A$0.11. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 5.66 and 5.81 which it has been in now for the last three days.

Support/Resistance

Breaking below the key support level at 5.72 today, it is now likely to act as resistance going forward.

Trend

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already. The market broke below the 100-day moving average at 5.71 today for the first time since August 8th.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 5.81 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 5.66 where further sell stops could get triggered. Trading close to June's high at 5.91 we might see further upside momentum if potential buy stops at the level get activated.

Conclusion

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 Nib Holdings Limited
Condition Forecast Direction Win Avg Worst Best Events
White Candle TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
5 Consecutive Higher Closes TQ Pro Members Only
Last Engulfing Top Pattern TQ Pro Members Only
More market conditions identified for TQ Pro members...
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