SDF.AX pushes through 100-day moving average

Steadfast Group Limited (SDF.AX) Technical Analysis Report for Sep 14, 2018

Highlights

SDF.AX runs into sellers around 2.88 for the third day in a row
SDF.AX dominated by bulls lifting the market higher throughout the day
SDF.AX pushes through 100-day moving average
SDF.AX closes higher for the 2nd day in a row
SDF.AX ends the day on a bullish note closing near the high of the day

TQ Sentiment

Report Sentiment: 55% Bullish
Technical Forecast:

Overview

Moving higher for the 2nd day in a row, SDF.AX finished the week -0.35% lower at 2.88 after gaining A$0.01 (0.35%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 2.87, Steadfast Group confirms its breakout through the prior session's high having traded A$0.01 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for SDF.AX

Volatility

Friday's trading range was A$0.05 (1.77%), that's below last trading month's daily average range of A$0.07. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average.

Support/Resistance

Prices are trading close to a key support level at 2.85. Prices are trading close to the key resistance level at 2.93. The market ran into sellers again today around 2.88 for the third trading day in a row after having found sellers at 2.87 in the previous session and at 2.88 two days ago.

Trend

While the share is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. The stock managed to break above the 100-day moving average at 2.88 today for the first time since April 30th.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 2.92 where further buy stops could get triggered. Trading close to July's low at 2.76 we might see further downside momentum if potential sell stops at the level get activated.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.

Market Conditions for Steadfast Group Limited

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