SCG.AX unable to break through key resistance level
Scentre Group Ltd (SCG.AX) Technical Analysis Report for Apr 17, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (SCG.AX as at Apr 17, 2018):
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.
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.
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.
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.
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.