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SGP.AX dominated by bears dragging the market lower throughout the day

Technical Analysis Report for SGP.AX - Apr 17, 2018 [< 1 min read]
SGP.AX breaks key support level
SGP.AX dominated by bears dragging the market lower throughout the day
SGP.AX breaks below previous session low
SGP.AX falls to lowest close since December 5, 2016
TQ Sentiment
Technical Forecast:

SGP.AX finished Tuesday at 3.93 losing A$0.02 (-0.51%) on low volume. Today's closing price of 3.93 marks the lowest close since December 5, 2016. The bears were in full control today, moving the market lower throughout the whole session. Closing below Saturday's low at 3.94, the market confirms its breakout through the previous session's low having traded A$0.02 below it intraday.

Daily chart for SGP.AX

Tuesday's trading range was A$0.04 (1.01%), that's below last trading month's daily average range of A$0.05. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.

Price Action

Regardless of a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle.


Breaking below the key support level at 3.95 today, it is now likely to act as resistance going forward.


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


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

Report Market Conditions
Price broke through Technical Support S1 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Decisive Down Move TQ Pro Members Only
Bearish Engulfing Candle TQ Pro Members Only
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