SFR.AX closes higher for the 2nd day in a row


Sandfire Resources (SFR.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
SFR.AX closes below its opening price unable to hold early session gains
SFR.AX closes higher for the 2nd day in a row
SFR.AX pushes through previous session high
SFR.AX rises to highest close since July 2nd
SFR.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

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.

Daily chart for SFR.AX
Volatility

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.

Support/Resistance

Prices are trading close to the key resistance level at 9.27.

Trend

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

Conclusion

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

Market Conditions for Sandfire Resources
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Intraday Reversal TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Strong Down Move TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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