SDA.AX pushes through key resistance level


Speedcast Int Limited (SDA.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
SDA.AX pushes through key resistance level
SDA.AX finds buyers around 5.60 for the third day in a row
SDA.AX fails to close above 50-day moving average
SDA.AX still stuck within tight trading range
SDA.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 50% Bullish
Technical Forecast:
Overview

SDA.AX finished Thursday at 5.70 gaining A$0.07 (1.24%) on low volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range.

Daily chart for SDA.AX
Volatility

Thursday's trading range was A$0.16 (2.85%), that's slightly above last trading month's daily average range of A$0.15. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 5.55 and 5.76 which it has been in now for the last trading week.

Price Action

Despite a weak opening Speedcast Int managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Breaking through the key resistance level at 5.69 today, it is now likely to act as support going forward. The share found buyers again today around 5.60 for the third trading day in a row after having found demand at 5.60 in the prior session and at 5.61 two days ago. After spiking up to 5.76 during the day, the stock found resistance at the 50-day moving average at 5.73.

Trend

Though the market is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

Conclusion

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

Market Conditions for Speedcast Int Limited
Condition Forecast Direction Win Avg Worst Best Events
Bearish Outside Bar TQ Pro Members Only
Bearish High-Wave Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
6 Consecutive Higher Closes TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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