SGP.AX surges 1.7% closing A$0.07 higher
SGP.AX finished the week -0.71% lower at 4.19 after surging A$0.07 (1.7%) today. This is the biggest single day gain in over a week. 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.
Friday's trading range was A$0.06 (1.45%), that's slightly above last trading month's daily average range of A$0.06. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being above average.
After moving lower in the prior session, Stockland managed to close higher but below the previous day's open, forming a bullish Harami Candle.
After trading as low as 4.13 during the day, the market bounced off the key support level at 4.14. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 4.20. After having been unable to move above 4.19 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 4.19. After trading as low as 4.13 during the day, the share found support at the 100-day moving average at 4.14.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already. SGP.AX managed to break above the 100-day moving average at 4.14 today for the first time since May 7th.
Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only bullish while our quantitative statistics show a very bullish sentiment.
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|Bounced off Technical Support S1||TQ Pro Members Only|
|Bullish Bounce off SMA 100||TQ Pro Members Only|
|Bullish Break through SMA 100||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
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