SGP.AX surges 1.7% closing A$0.07 higher


Stockland (SGP.AX) Technical Analysis Report for May 18, 2018 [1 min read]
Highlights
SGP.AX rallies 1.7% closing A$0.07 higher
SGP.AX dominated by bulls lifting the market higher throughout the day
SGP.AX finds buyers at key support level
SGP.AX pushes through 100-day moving average
SGP.AX finds support at 100-day moving average
TQ Sentiment
Report Sentiment: 77% Bullish
Technical Forecast:
Overview

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.

Daily chart for SGP.AX
Volatility

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.

Price Action

After moving lower in the prior session, Stockland managed to close higher but below the previous day's open, forming a bullish Harami Candle.

Support/Resistance

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.

Trend

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.

Conclusion

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.

Market Conditions for Stockland
Condition Forecast Direction Win Avg Worst Best Events
Bullish Engulfing Candle TQ Pro Members Only
Strong Up Move TQ Pro Members Only
Bullish Belt-hold TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
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