SHL.AX breaks below previous session low
Sonic Healthcare Ltd (SHL.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
SHL.AX ended the week -0.73% lower at 26.01 after losing A$0.13 (-0.5%) today. Closing below Thursday's low at 26.05, the stock confirms its breakout through the prior session's low having traded A$0.10 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (SHL.AX as at Aug 10, 2018):
Friday's trading range was A$0.17 (0.65%), that's far below last trading month's daily average range of A$0.36. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way below average.
Unable to break through the key technical resistance level at 26.10, the market closed below it after spiking as high as 26.12 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
Though the share is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.
Buying might accelerate should prices move above the nearby swing high at 26.29 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 25.69 where further sell stops could get activated.