SCG.AX closes within previous day's range


Scentre Group Ltd (SCG.AX) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
SCG.AX breaks key support level
SCG.AX closes below its opening price unable to hold early session gains
SCG.AX ends the day on a bearish note closing near the low of the day
SCG.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 60% Bearish
Technical Forecast:
Overview

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 chart for SCG.AX
Volatility

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.

Price Action

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.

Support/Resistance

Breaking below the key support level at 4.39 today, it is now likely to act as resistance going forward.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Conclusion

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

Market Conditions for Scentre Group Ltd
Condition Forecast Direction Win Avg Worst Best Events
Bullish Engulfing Candle TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
White Candle TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

SCG.AX stuck within tight trading range

Aug 17, 2018
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