SHL.AX pushes through 100-day moving average
Sonic Healthcare Ltd (SHL.AX) Technical Analysis Report for Sep 14, 2018
SHL.AX finished the week -1.64% lower at 25.12 after gaining A$0.16 (0.64%) today on low volume. Trading A$0.14 higher after the open, the share 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 in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was A$0.24 (0.96%), that's far below last trading month's daily average range of A$0.41. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
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.
Prices are trading close to a key support level at 24.84. Unable to break through the key technical resistance level at 25.25, the stock closed below it after spiking as high as 25.27 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After trading as low as 25.03 during the day, Sonic Healthcare found support at the 100-day moving average at 25.05.
Though the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. SHL.AX managed to break above the 100-day moving average at 25.05 today for the first time since June 6th.
Selling might speed up should prices move below the close-by swing low at 24.84 where further sell stops could get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
Market Conditions for Sonic Healthcare Ltd
|Condition||Forecast||Direction||Direction||Win Rate||Win Rate||Exit Day||Exit Day||Events|
|Strong Up Move||TQ Pro Members Only|
|Close near high of period||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
|Bullish Bounce off SMA 100||TQ Pro Members Only|
|Bullish Break through SMA 100||TQ Pro Members Only|
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