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 | by Techniquant Editorial Team
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 Candlestick Chart (SAR.AX as at Aug 10, 2018):
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.
Notwithstanding a strong opening the share closed below the previous day's open and close, forming a bearish Engulfing Candle.
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.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
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.