SCG.AX closes within previous day's range
Scentre Group Ltd (SCG.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
SCG.AX finished the week 3.55% higher at 4.38 after losing A$0.05 (-1.13%) today. Trading A$0.03 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous 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 (SCG.AX as at Aug 10, 2018):
Friday's trading range was A$0.07 (1.59%), that's above last trading month's daily average range of A$0.05. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly below average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Breaking below the key support level at 4.39 today, it is now likely to act as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.