SDF.AX closes lower for the 2nd day in a row


Steadfast Group Limited (SDF.AX) Technical Analysis Report for Oct 12, 2018

Highlights

SDF.AX closes above its opening price after recovering from early selling pressure
SDF.AX closes lower for the 2nd day in a row
SDF.AX falls to lowest close since April 24th
SDF.AX closes within previous day's range after lackluster session
SDF.AX ends the day indecisive

Overview

Moving lower for the 2nd day in a row, SDF.AX finished the week -3.96% lower at 2.67 after losing $0.02 (-0.74%) today, underperforming the market (ASX 200, 0.2%). Today's close at 2.67 marks the lowest recorded closing price since April 24th. Trading up to $0.02 lower after the open, Steadfast Group managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on August 28th, SDF.AX lost -0.66% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (SDF.AX as at Oct 12, 2018):

Daily technical analysis candlestick chart for Steadfast Group Limited (SDF.AX) as at Oct 12, 2018

Friday's trading range was $0.04 (1.5%), that's below last trading month's daily average range of $0.05. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being above average.

One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Among the four market conditions that our engine recognized today, the statistics for the Technical Indicators based condition "RSI(14) below 30" stands out. It's common interpretation of being bullish has so far been confirmed for Steadfast Group in the past. Out of 6 times during the last ten years, SDF.AX closed higher 66.67% of the time on the next trading day. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 83.33% with an average market move of 2.13%.


Market Conditions for SDF.AX as at Oct 12, 2018

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