SDA.AX still stuck within tight trading range

Speedcast Int Limited (SDA.AX) Technical Analysis Report for Jul 13, 2018

Highlights

SDA.AX pushes through key resistance level
SDA.AX dominated by bulls lifting the market higher throughout the day
SDA.AX pushes through 50-day moving average
SDA.AX fails to close above 20-day moving average
SDA.AX finds buyers again around 5.87

TQ Sentiment

Report Sentiment:
62% Bullish
Technical Forecast:

Overview

SDA.AX finished the week -0.83% lower at 5.96 after gaining A$0.06 (1.02%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.

Daily chart for SDA.AX

Volatility

Friday's trading range was A$0.13 (2.21%), that's slightly below last trading month's daily average range of A$0.14. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 5.87 and 6.01 which it has been in now for the last trading week.

Price Action

Even with a weak opening the stock managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Breaking through the key resistance level at 5.93 today, it is now likely to act as support going forward. After having been unable to move lower than 5.87 in the previous session, the share found buyers again around the same price level today at 5.87. After spiking up to 6.00 during the day, the market found resistance at the 20-day moving average at 5.99.

Trend

While still in a long-term uptrend, the short and medium-term trends both turned bearish already. Speedcast Int managed to break above the 50-day moving average at 5.92 today for the first time since June 19th.

Conclusion

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

Market Conditions for Speedcast Int Limited

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