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


Stockland (SGP.AX) Technical Analysis Report for Apr 17, 2018 | by Techniquant Editorial Team

Highlights

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

Overview

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 Candlestick Chart (SGP.AX as at Apr 17, 2018):

Daily technical analysis candlestick chart for Stockland (SGP.AX) as at Apr 17, 2018

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.

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.


Market Conditions for SGP.AX as at Apr 17, 2018

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