SAR.AX breaks key support level

Saracen Mineral (SAR.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
SAR.AX breaks key support level
SAR.AX dominated by bears dragging the market lower throughout the day
SAR.AX breaks below 50-day moving average
SAR.AX finds buyers at key support level
SAR.AX fails to close above 20-day moving average
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:

SAR.AX finished the week -1.4% lower at 2.11 after losing A$0.05 (-2.31%) today on low volume. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for SAR.AX

Friday's trading range was A$0.08 (3.69%), that's slightly above last trading month's daily average range of A$0.07. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.


After trading as low as 2.10 during the day, Saracen Mineral bounced off the key support level at 2.10. The failure to close below the support might increase that levels importance as support going forward. Breaking below the key support level at 2.15 today, it is now likely to act as resistance going forward. After having been unable to move above 2.18 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 2.18. After spiking up to 2.18 during the day, the share found resistance at the 20-day moving average at 2.18.


Though the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. SAR.AX broke below the 50-day moving average at 2.13 today for the first time since July 10th.

Order Flow

Selling might accelerate should prices move below the close-by swing low at 2.10 where further sell stops could get activated. As prices are trading close to July's high at 2.21, upside momentum might speed up should Saracen Mineral mark new highs for the month.


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

Market Conditions for Saracen Mineral
Close near low of period TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Doji TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Gravestone Doji TQ Pro Members Only
More market conditions identified for TQ Pro members...
Learn more about TQ Pro
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Saracen Mineral traded like this in the past. See the odds for each technical pattern with expected gain and loss.


Stocks Top Movers

ETHUSD 477.0528.70 6.40%
BTCUSD 6,712.49348.90 5.48%
NKY 22,697.36100.01 0.44%
NATGAS 2.7670.009 0.33%
EURUSD 1.17110.0025 0.21%
GBPUSD 1.3234-0.0002 -0.02%
USDJPY 112.29-0.07 -0.06%
GOLD 1,241.0-0.8 -0.06%
SPX 2,798.43-2.88 -0.10%
DXY 94.275-0.225 -0.24%
Start your day with the facts moving the markets
By clicking "Subscribe", you agree to our terms and privacy policy.

Related Stocks

ABBV 10 day candlestick chart for ABBV96.25 -0.38
ACN 10 day candlestick chart for ACN167.64 -0.45
ADBE 10 day candlestick chart for ADBE254.68 -3.91
AAP 10 day candlestick chart for AAP139.67 0.33
AES 10 day candlestick chart for AES13.13 -0.05
AET 10 day candlestick chart for AET191.45 -0.44
AFL 10 day candlestick chart for AFL42.78 0.18
AMG 10 day candlestick chart for AMG148.62 0.14
A 10 day candlestick chart for A62.72 -0.66
ABT 10 day candlestick chart for ABT61.78 -1.28