SCG unable to break through key resistance level
SCG finished Monday at 36.61 gaining $0.71 (1.98%). Today's closing price of 36.61 marks the highest close since April 9th. Closing above Friday's high at 36.37, the stock confirms its breakout through the previous session's high having traded $0.80 above it intraday.
Monday's trading range was $1.10 (3.05%), that's slightly below last trading month's daily average range of $1.30. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Unable to break through the key technical resistance level at 36.76, the share closed below it after spiking as high as 37.17 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 35.68 where further sell stops could get triggered. With prices trading close to this year's low at 34.24, downside momentum might speed up should the market break out to new lows for the year. Further selling could move prices lower should the market test March's nearby low at 35.36.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.
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|Bounced off Technical Resistance R1||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
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