SDA.AX pushes through key resistance level

Speedcast Int Limited (SDA.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team


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


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 Candlestick Chart (SDA.AX as at Jun 14, 2018):

Daily technical analysis candlestick chart for Speedcast Int Limited (SDA.AX) as at Jun 14, 2018

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.

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

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.

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.

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