SCG.AX finds support at 20-day moving average


Scentre Group Ltd (SCG.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
SCG.AX finds buyers around 4.17 for the third day in a row
SCG.AX finds support at 20-day moving average
SCG.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 40% Bullish
Technical Forecast:
Overview

SCG.AX finished Thursday at 4.21 losing A$0.02 (-0.47%) on low volume. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.

Daily chart for SCG.AX
Volatility

Thursday's trading range was A$0.05 (1.2%), 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 slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to the key resistance level at 4.25. Scentre Group found buyers again today around 4.17 for the third trading day in a row after having found demand at 4.18 in the prior session and at 4.18 two days ago. After trading as low as 4.17 during the day, the share found support at the 20-day moving average at 4.17.

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 4.26 where further buy stops might get activated. As prices are trading close to June's low at 4.12, downside momentum could speed up should the market mark new lows for the month.

Conclusion

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

Market Conditions for Scentre Group Ltd
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
4 Consecutive Lower Closes TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Bearish Bounce off SMA 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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