SCG.AX dominated by bears dragging the market lower throughout the day
Scentre Group Ltd (SCG.AX) Technical Analysis Report for Jul 13, 2018
SCG.AX finished the week unchanged at 4.47 after flat today. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Friday's trading range was A$0.06 (1.33%), that's below last trading month's daily average range of A$0.07. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.
Despite a strong opening the market closed below the previous day's open and close, forming a bearish Engulfing Candle.
After having been unable to move lower than 4.45 in the prior session, Scentre Group found buyers again around the same price level today at 4.45.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 4.53 where further buy stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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