SIQ.AX unable to break through key resistance level


Smartgrp Corporation (SIQ.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
SIQ.AX unable to break through key resistance level
SIQ.AX finds support at 20-day moving average
SIQ.AX still stuck within tight trading range
SIQ.AX closes within previous day's range
SIQ.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

SIQ.AX finished Thursday at 11.36 flat. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for SIQ.AX
Volatility

Thursday's trading range was A$0.18 (1.59%), that's slightly below last trading month's daily average range of A$0.19. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 11.22 and 11.50 which it has been in now for the last trading week.

Support/Resistance

Unable to break through the key technical resistance level at 11.39, Smartgrp Corporation closed below it after spiking as high as 11.44 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After trading as low as 11.26 during the day, the share found support at the 20-day moving average at 11.27.

Trend

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

Order Flow

Buying could accelerate should prices move above the nearby swing high at 11.50 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 11.22 where further sell stops might get activated. Further buying could move prices higher should the market test May's nearby high at 11.62.

Conclusion

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

Market Conditions for Smartgrp Corporation
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Strong Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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