SHL.AX finds buyers at key support level


Sonic Healthcare Ltd (SHL.AX) Technical Analysis Report for Jun 14, 2018

Highlights

SHL.AX crashes, loses A$0.38 (-1.57%) within a single day
SHL.AX breaks key support level
SHL.AX breaks below 20-day moving average
SHL.AX finds buyers at key support level
SHL.AX runs into sellers again around 24.28

Overview

SHL.AX finished Thursday at 23.90 tanking A$0.38 (-1.57%) on high volume. This is the biggest single day loss in over three months. Today's closing price of 23.90 marks the lowest close since June 6th. Closing below Wednesday's low at 24.11, the share confirms its breakout through the previous session's low having traded A$0.33 below it intraday.

Daily Candlestick Chart (SHL.AX as at Jun 14, 2018):

Daily technical analysis candlestick chart for Sonic Healthcare Ltd (SHL.AX) as at Jun 14, 2018

Thursday's trading range was A$0.50 (2.06%), that's far above last trading month's daily average range of A$0.39. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

After trading as low as 23.78 during the day, Sonic Healthcare bounced off the key support level at 23.82. The failure to close below the support could increase that levels importance as support going forward. Breaking below the key support level at 24.17 today, it is now likely to act as resistance going forward. After having been unable to move above 24.34 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 24.28.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The stock broke below the 20-day moving average at 23.90 today for the first time since May 28th.

Further selling might move prices lower should the market test May's nearby low at 23.23.


Market Conditions for SHL.AX as at Jun 14, 2018

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