SCG.AX snaps to lowest close since April 30th


Scentre Group Ltd (SCG.AX) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team

Highlights

SCG.AX breaks below 20-day moving average
SCG.AX finds buyers at key support level
SCG.AX finds support at 200-day moving average
SCG.AX closes lower for the 3rd day in a row
SCG.AX breaks below previous session low

Overview

Moving lower for the 3rd day in a row, SCG.AX finished Thursday at 4.04 losing A$0.03 (-0.74%) on low volume. Today's closing price of 4.04 marks the lowest close since April 30th. Closing below Wednesday's low at 4.06, the share confirms its breakout through the previous session's low having traded A$0.05 below it intraday.

Daily Candlestick Chart (SCG.AX as at May 17, 2018):

Daily technical analysis candlestick chart for Scentre Group Ltd (SCG.AX) as at May 17, 2018

Thursday's trading range was A$0.07 (1.72%), that's above last trading month's daily average range of A$0.06. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.

After trading as low as 4.01 during the day, the stock bounced off the key support level at 4.02. The failure to close below the support might increase that levels importance as support going forward. After trading as low as 4.01 during the day, the market found support at the 200-day moving average at 4.02.

Scentre Group shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. SCG.AX broke below the 20-day moving average at 4.05 today for the first time since April 12th.


Market Conditions for SCG.AX as at May 17, 2018

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