REA.AX closes higher for the 3rd day in a row


REA Group (REA.AX) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
REA.AX rallies 3.63% on high volume
REA.AX dominated by bulls lifting the market higher throughout the day
REA.AX finds support at 200-day moving average
REA.AX closes higher for the 3rd day in a row
REA.AX ends the day on a bullish note closing near the high of the day
TQ Sentiment
Report Sentiment: 63% Bullish
Technical Forecast:
Overview

Moving higher for the 3rd day in a row, REA.AX ended the week 2.05% higher at 85.30 after surging A$2.99 (3.63%) today on high volume. This is the biggest single day gain in over three months. Today's closing price of 85.30 marks the highest close since August 1st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 82.65, REA Group confirms its breakout through the prior session's high having traded A$2.83 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for REA.AX
Volatility

Friday's trading range was A$4.61 (5.63%), that's far above last trading month's daily average range of A$1.69. Weekly volatility is also higher, being above the markets average with the monthly volatility being way above average.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 85.97. After having been unable to move lower than 81.07 in the previous session, the market found buyers again around the same price level today at 80.87. After trading as low as 80.87 during the day, the stock found support at the 200-day moving average at 80.88.

Trend

While still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 85.97 where further buy stops could get activated.

Conclusion

Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a bullish sentiment.

Market Conditions for REA Group
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
7 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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