SOL.AX breaks below prior session low


Soul Pattinson (W.H) (SOL.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
SOL.AX tanks -1.73% closing A$0.37 lower
SOL.AX dominated by bears dragging the market lower throughout the day
SOL.AX ends the day on a bearish note closing near the low of the day
SOL.AX breaks below previous session low
SOL.AX falls to lowest close since July 4th
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

SOL.AX finished the week -1.55% lower at 20.99 after tanking A$0.37 (-1.73%) today. This is the biggest single day loss in over three weeks. Today's closing price of 20.99 marks the lowest close since July 4th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 21.23, Soul Pattinson confirms its breakout through the prior session's low having traded A$0.28 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for SOL.AX
Volatility

Friday's trading range was A$0.42 (1.97%), that's above last trading month's daily average range of A$0.37. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average.

Support/Resistance

Prices are trading close to a key support level at 20.91.

Trend

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

Order Flow

As prices are trading close to July's low at 20.52, downside momentum might accelerate should the share mark new lows for the month.

Conclusion

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

Market Conditions for Soul Pattinson (W.H)
ConditionForecastDirectionWinAvgWorstBestEvents
Bullish Break through SMA 20 TQ Pro Members Only
White Candle TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
Bullish Short Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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