SDF.AX fails to close above 50-day moving average


Steadfast Group Limited (SDF.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
SDF.AX breaks below 50-day moving average
SDF.AX closes below its opening price unable to hold early session gains
SDF.AX unable to break through key resistance level
SDF.AX fails to close above 50-day moving average
SDF.AX ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 75% Bearish
Technical Forecast:
Overview

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.

Daily chart for SDF.AX
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

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.

Conclusion

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
ConditionForecastDirectionWinAvgWorstBestEvents
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
More market conditions identified for TQ Pro members...
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Latest Report:

SDF.AX closes within prior day's range

Jul 20, 2018
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