SAR.AX ends the day on a bearish note closing near the low of the day


Saracen Mineral (SAR.AX) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
SAR.AX ends the day on a bearish note closing near the low of the day
SAR.AX finds buyers again around 1.94
SAR.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

SAR.AX finished the week 2.63% higher at 1.95 after edging lower A$0.01 (-0.51%) today on low volume. Closing within the previous day's range, prices failed to decisively move beyond 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
Volatility

Friday's trading range was A$0.06 (3.03%), that's slightly below last trading month's daily average range of A$0.06. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average.

Price Action

Notwithstanding a strong opening the share closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

After having been unable to move lower than 1.94 in the prior session, the market found buyers again around the same price level today at 1.94.

Trend

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

Order Flow

Selling could accelerate should prices move below the close-by swing low at 1.92 where further sell stops might get triggered. Further selling could move prices lower should the market test July's nearby low at 1.87.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.

Market Conditions for Saracen Mineral
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
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