SDF.AX fails to close above 50-day moving average
SDF.AX ended the week 1.08% higher at 2.82 after losing A$0.02 (-0.7%) today. Trading A$0.02 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 2.83, the market confirms its breakout through the prior session's low having traded A$0.01 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was A$0.03 (1.06%), that's far below last trading month's daily average range of A$0.05. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 2.81. Unable to break through the key technical resistance level at 2.85, Steadfast Group closed below it after spiking as high as 2.85 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After spiking up to 2.85 during the day, the share found resistance at the 50-day moving average at 2.83.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. SDF.AX broke below the 50-day moving average at 2.83 today for the first time since July 2nd.
Selling could speed up should prices move below the close-by swing low at 2.78 where further sell stops might get activated. As prices are trading close to July's low at 2.76, downside momentum could accelerate should the stock mark new lows for the month.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
Market Conditions for Steadfast Group Limited
|Bearish Bounce off SMA 50||TQ Pro Members Only|
|Bearish Intraday Reversal||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Bearish High-Wave Candle||TQ Pro Members Only|
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