SCG.AX unable to break through key resistance level

Scentre Group Ltd (SCG.AX) Technical Analysis Report for Apr 17, 2018

Highlights

SCG.AX unable to break through key resistance level
SCG.AX finds support at 50-day moving average
SCG.AX closes within previous day's range after lackluster session
SCG.AX ends the day indecisive

TQ Sentiment

Report Sentiment: 25% Bullish
Technical Forecast:

Overview

SCG.AX ended Tuesday at 3.89 gaining A$0.01 (0.26%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for SCG.AX

Volatility

Tuesday's trading range was A$0.04 (1.03%), that's below last trading month's daily average range of A$0.06. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above 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

Prices are trading close to a key support level at 3.85. Unable to break through the key technical resistance level at 3.90, the stock closed below it after spiking as high as 3.90 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After trading as low as 3.86 during the day, the share found support at the 50-day moving average at 3.87.

Trend

Although Scentre Group is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 3.93 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 3.85 where further sell stops could get triggered.

Conclusion

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

Market Conditions for Scentre Group Ltd

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