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


Stockland (SGP.AX) Technical Analysis Report for Apr 17, 2018 [< 1 min read]
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
TQ Sentiment
Report Sentiment: 80% Bearish
Technical Forecast:
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 chart for SGP.AX
Volatility

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.

Support/Resistance

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

Trend

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

Conclusion

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

Market Conditions for Stockland
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Hanging Man TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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