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S32.AX finds buyers at key support level


Technical Analysis Report for S32.AX - May 18, 2018 [< 1 min read]
Highlights
S32.AX finds buyers at key support level
S32.AX closes within previous day's range
S32.AX ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

S32.AX finished the week 1.78% higher at 4.01 after losing A$0.02 (-0.5%) today. Closing within the previous day's range, prices failed to decisively move beyond 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.

Daily chart for S32.AX
Volatility

Friday's trading range was A$0.10 (2.49%), that's above last trading month's daily average range of A$0.08. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Price Action

After moving higher in the previous session, the share closed lower but above the prior day's open today, forming a bearish Harami Candle.

Support/Resistance

After trading as low as 3.94 during the day, the stock bounced off the key support level at 3.99. The failure to close below the support might increase that levels importance as support going forward.

Trend

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

Order Flow

Buying could accelerate should prices move above the nearby swing high at 4.07 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 3.90 where further sell stops might get activated.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Support S1 TQ Pro Members Only
Bearish Harami Candle TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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