SCG.AX finds support at 20-day moving average
Scentre Group Ltd (SCG.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (SCG.AX as at Jun 14, 2018):
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.