SHL.AX finds buyers at key support level


Sonic Healthcare Ltd (SHL.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
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
TQ Sentiment
Technical Forecast:
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 chart for SHL.AX
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

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

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.

Market Conditions for Sonic Healthcare Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
4 Consecutive Higher Closes TQ Pro Members Only
Hanging Man TQ Pro Members Only
RSI(14) above 70 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
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