SGM.AX rallies 2.92% closing A$0.49 higher

Sims Metal MGMT Limited (SGM.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team


SGM.AX rallies 2.92% closing A$0.49 higher
SGM.AX pushes through key resistance level
SGM.AX finds buyers around 16.70 for the third day in a row
SGM.AX dominated by bulls lifting the market higher throughout the day
SGM.AX ends the day on a bullish note closing near the high of the day


SGM.AX ended Thursday at 17.28 surging A$0.49 (2.92%). This is the biggest single day gain in over two weeks. Today's closing price of 17.28 marks the highest close since May 16th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 16.99, the stock confirms its breakout through the prior session's high having traded A$0.33 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily Candlestick Chart (SGM.AX as at Jun 14, 2018):

Daily technical analysis candlestick chart for Sims Metal MGMT Limited (SGM.AX) as at Jun 14, 2018

Thursday's trading range was A$0.62 (3.69%), that's far above last trading month's daily average range of A$0.45. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Breaking through the key resistance level at 17.26 today, it is now likely to act as support going forward. The market found buyers again today around 16.70 for the third trading day in a row after having found demand at 16.69 in the previous session and at 16.68 two days ago.

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

With prices trading close to this year's high at 18.05, upside momentum might speed up should the share be able to break out to new highs for the year. Further buying could move prices higher should the market test May's nearby high at 17.43.

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