SIQ.AX unable to break through key resistance level
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.
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
|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...
Learn more about TQ Pro