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SEK.AX closes above its opening price after recovering from early selling pressure


Technical Analysis Report for SEK.AX - May 18, 2018 [1 min read]
Highlights
SEK.AX closes above its opening price after recovering from early selling pressure
SEK.AX closes within previous day's range after lackluster session
SEK.AX ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

SEK.AX finished the week -0.05% lower at 20.75 after flat today. Trading up to A$0.07 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior 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 chart for SEK.AX
Volatility

Friday's trading range was A$0.14 (0.68%), that's far below last trading month's daily average range of A$0.32. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 20.60.

Trend

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

Order Flow

Buying might speed up should prices move above the nearby swing high at 20.97 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 20.60 where further sell stops could get activated. With prices trading close to this year's high at 21.29, upside momentum might speed up should the share be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Close to S1 Support TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

SEK.AX closes 0.24% higher at 20.8

May 21, 2018
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