SPK.AX breaks below 20-day moving average


Spark New Zealand Foreign Exempt NZX (SPK.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
SPK.AX finds buyers around 3.46 for the third day in a row
SPK.AX breaks below 20-day moving average
SPK.AX closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

SPK.AX finished the week -1.14% lower at 3.48 after losing A$0.02 (-0.57%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily chart for SPK.AX
Volatility

Friday's trading range was A$0.05 (1.43%), that's below last trading month's daily average range of A$0.06. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.

Price Action

Regardless of a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 3.45. The market found buyers again today around 3.46 for the third trading day in a row after having found demand at 3.46 in the previous session and at 3.45 two days ago.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The share broke below the 20-day moving average at 3.49 today for the first time since July 11th.

Order Flow

Selling might speed up should prices move below the nearby swing low at 3.45 where further sell stops could get activated. As prices are trading close to July's low at 3.40, downside momentum might accelerate should Spark New mark new lows for the month.

Conclusion

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

Market Conditions for Spark New Zealand Foreign Exempt NZX
ConditionForecastDirectionWinAvgWorstBestEvents
RSI(2) above 80 TQ Pro Members Only
Close to Swing High 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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