SHL.AX pushes through 100-day moving average

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

Highlights

SHL.AX closes below its opening price unable to hold early session gains
SHL.AX pushes through 100-day moving average
SHL.AX unable to break through key resistance level
SHL.AX finds support at 100-day moving average
SHL.AX closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 33% Bullish
Technical Forecast:

Overview

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.

Daily chart for SHL.AX

Volatility

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.

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.

Support/Resistance

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.

Trend

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.

Order Flow

Selling might speed up should prices move below the close-by swing low at 24.84 where further sell stops could get activated.

Conclusion

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 Win Rate 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
More market conditions identified for TQ Pro members...
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