SCG.AX slides to lowest close since April 3rd
Scentre Group Ltd (SCG.AX) Technical Analysis Report for Oct 12, 2018
Moving lower for the 3rd day in a row, SCG.AX ended the week -2.81% lower at 3.81 after losing $0.05 (-1.3%) today. Today's close at 3.81 marks the lowest recorded closing price since April 3rd. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (SCG.AX as at Oct 12, 2018):
Friday's trading range was $0.03 (0.79%), that's far below last trading month's daily average range of $0.05. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being way above average.
Three candlestick patterns are matching today's price action, the Bullish Doji Star and the Southern Doji which are both known as bullish patterns and one neutral pattern, the Doji.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 3.70, downside momentum might speed up should Scentre Group break out to new lows for the year.
Among the five market conditions that our engine recognized today, the statistics for the OHLC Patterns based condition "Bullish Doji Star" stands out. It's common interpretation of being bullish has so far been confirmed for Scentre Group in the past. Out of 4 times during the last ten years, SCG.AX closed higher 100.00% of the time on the next trading day. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 100.00% with an average market move of 2.99%.