SFR.AX closes higher for the 2nd day in a row
Sandfire Resources (SFR.AX) Technical Analysis Report for Jul 13, 2018
Moving higher for the 2nd day in a row, SFR.AX finished the week 2.21% higher at 9.23 after gaining A$0.12 (1.32%) today. Today's closing price of 9.23 marks the highest close since July 2nd. Trading A$0.19 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 above Thursday's high at 9.13, the market confirms its breakout through the prior session's high having traded A$0.34 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was A$0.26 (2.8%), that's slightly above last trading month's daily average range of A$0.22. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being way below average.
Prices are trading close to the key resistance level at 9.27.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
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