SHL.AX closes below its opening price unable to hold early session gains

Sonic Healthcare Ltd (SHL.AX) Technical Analysis Report for Jul 13, 2018

Highlights

SHL.AX closes below its opening price unable to hold early session gains
SHL.AX ends the day on a bearish note closing near the low of the day
SHL.AX closes within previous day's range

TQ Sentiment

Report Sentiment: 60% Bearish
Technical Forecast:

Overview

SHL.AX finished the week 4.54% higher at 26.23 after losing A$0.23 (-0.87%) today. Trading A$0.17 higher after the open, Sonic Healthcare was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for SHL.AX

Volatility

Friday's trading range was A$0.43 (1.62%), that's slightly above last trading month's daily average range of A$0.38. Weekly volatility is also higher, being way above the markets average with the monthly volatility being way above average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Even with a strong opening the share closed below the prior day's open and close, forming a bearish Engulfing Candle.

Trend

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

Conclusion

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

Market Conditions for Sonic Healthcare Ltd

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