STO.AX snaps to lowest close since July 2nd

Santos Ltd (STO.AX) Technical Analysis Report for Jul 13, 2018

Highlights

STO.AX breaks below 20-day moving average
STO.AX closes below its opening price unable to hold early session gains
STO.AX unable to break through key resistance level
STO.AX closes lower for the 4th day in a row
STO.AX ends the day on a bearish note closing near the low of the day

TQ Sentiment

Report Sentiment: 44% Bearish
Technical Forecast:

Overview

Moving lower for the 4th day in a row, STO.AX finished the week -2.99% lower at 6.16 after losing A$0.05 (-0.81%) today. Today's closing price of 6.16 marks the lowest close since July 2nd. Trading A$0.03 higher after the open, Santos Ltd 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 with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for STO.AX

Volatility

Friday's trading range was A$0.07 (1.13%), that's far below last trading month's daily average range of A$0.12. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly 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

Unable to break through the key technical resistance level at 6.21, the stock closed below it after spiking as high as 6.23 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.

Trend

While still in a long-term uptrend, the short and medium-term trends both turned bearish already. The share broke below the 20-day moving average at 6.17 today for the first time since June 8th.

Order Flow

Selling might accelerate should prices move below the close-by swing low at 6.11 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 bullish.

Market Conditions for Santos Ltd

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