SDF.AX closes within prior day's range after lackluster session
Steadfast Group Limited (SDF.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
SDF.AX finished Thursday at 2.83 flat on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (SDF.AX as at Jun 14, 2018):
Thursday's trading range was A$0.04 (1.42%), that's below last trading month's daily average range of A$0.05. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
After trading as low as 2.81 during the day, the stock bounced off the key support level at 2.81. The failure to close below the support might increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 2.81 where further sell stops might get triggered. With prices trading close to this year's high at 2.92, upside momentum could accelerate should Steadfast Group be able to break out to new highs for the year. As prices are trading close to June's low at 2.77, downside momentum might speed up should the market mark new lows for the month.