SGP.AX dominated by bulls lifting the market higher throughout the day


Stockland (SGP.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
SGP.AX dominated by bulls lifting the market higher throughout the day
SGP.AX finds support at 100-day moving average
SGP.AX ends the day on a bullish note closing near the high of the day
TQ Sentiment
Report Sentiment: 85% Bullish
Technical Forecast:
Overview

SGP.AX ended Thursday at 4.15 gaining A$0.02 (0.48%). The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for SGP.AX
Volatility

Thursday's trading range was A$0.07 (1.71%), that's slightly above last trading month's daily average range of A$0.06. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. Even with a weak opening Stockland managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 4.11. After trading as low as 4.09 during the day, the share found support at the 100-day moving average at 4.10.

Trend

The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

Buying might speed up should prices move above the close-by swing high at 4.19 where further buy stops could get activated. As prices are trading close to June's high at 4.22, upside momentum might accelerate should the stock mark new highs for the month.

Conclusion

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

Market Conditions for Stockland
Condition Forecast Direction Win Avg Worst Best Events
5 Consecutive Higher Closes TQ Pro Members Only
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