SGP.AX closes within previous day's range


Stockland (SGP.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team

Highlights

SGP.AX closes above its opening price after recovering from early selling pressure
SGP.AX finds buyers at key support level
SGP.AX closes higher for the 2nd day in a row
SGP.AX runs into sellers again around 4.15
SGP.AX rises to highest close since June 22nd

Overview

Moving higher for the 2nd day in a row, SGP.AX ended the week 2.99% higher at 4.14 after gaining A$0.01 (0.24%) today. Today's closing price of 4.14 marks the highest close since June 22nd. Trading up to A$0.02 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (SGP.AX as at Jul 13, 2018):

Daily technical analysis candlestick chart for Stockland (SGP.AX) as at Jul 13, 2018

Friday's trading range was A$0.05 (1.21%), that's slightly above last trading month's daily average range of A$0.05. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

After trading as low as 4.10 during the day, the market bounced off the key support level at 4.11. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move above 4.15 in the prior session, Stockland ran into sellers again around the same price level today, failing to move higher than 4.15.

The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Further buying could move prices higher should the market test June's close-by high at 4.22.


Market Conditions for SGP.AX as at Jul 13, 2018

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