SCP.AX finds support at 200-day moving average
Sca Property Group Units FP Stapled Securities (SCP.AX) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, SCP.AX ended Wednesday at 2.50 losing $0.01 (-0.4%), slightly underperforming the ASX 200 (-0.25%).
Daily Candlestick Chart (SCP.AX as at Feb 13, 2019):
Wednesday's trading range has been $0.04 (1.59%), that's slightly below the last trading month's daily average range of $0.04. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for SCP.AX.
After trading as low as 2.48 during the day, Sca Property found support at the 200-day moving average at 2.49. The last time this happened on January 31st, SCP.AX actually lost -0.80% on the following trading day.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Buying might accelerate should prices move above the nearby swing high at 2.54 where further buy stops could get triggered. With prices trading close to this year's low at 2.44, downside momentum might speed up should the share break out to new lows for the year.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 200" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Sca Property. Out of 7 times, SCP.AX closed lower 42.86% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after five trading days, showing a win rate of 57.14% with an average market move of -0.28%.