SCG.AX snaps to lowest close since April 30th


Scentre Group Ltd (SCG.AX) Technical Analysis Report for May 17, 2018 [< 1 min read]
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
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
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 chart for SCG.AX
Volatility

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.

Support/Resistance

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.

Trend

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.

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
Condition Forecast Direction Win Avg Worst Best Events
Bearish Break through SMA 50 TQ Pro Members Only
3 Consecutive Lower Closes TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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