SDA.AX dominated by bulls lifting the market higher throughout the day
Speedcast Int Limited (SDA.AX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
SDA.AX finished the week -3.14% lower at 4.32 after gaining A$0.20 (4.85%) today. Today's closing price of 4.32 marks the highest close since September 7th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 4.29, the share confirms its breakout through the prior session's high having traded A$0.04 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (SDA.AX as at Sep 14, 2018):
Friday's trading range was A$0.22 (5.29%), that's slightly below last trading month's daily average range of A$0.28. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way above average.
Speedcast Int was sold again around 4.33 after having seen highs at 4.29, 4.30 and 4.32 in the last three trading sessions. Obviously there is something going on at that level.
Though the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
Buying might accelerate should prices move above the nearby swing high at 4.50 where further buy stops could get triggered. With prices trading close to this year's low at 3.90, downside momentum might speed up should the stock break out to new lows for the year.