STO.AX breaks key support level


Technical Analysis Report for STO.AX - May 17, 2018 [< 1 min read]
Highlights
STO.AX tanks -1.9% closing A$0.12 lower
STO.AX breaks key support level
STO.AX dominated by bears dragging the market lower throughout the day
STO.AX finds support at 20-day moving average
STO.AX breaks below previous session low
TQ Sentiment
Technical Forecast:
Overview

STO.AX ended Thursday at 6.20 tanking A$0.12 (-1.9%). This is the biggest single day loss in over two months. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 6.25, the market confirms its breakout through the previous session's low having traded A$0.09 below it intraday.

Daily chart for STO.AX
Volatility

Thursday's trading range was A$0.16 (2.54%), that's above last trading month's daily average range of A$0.11. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Support/Resistance

Breaking below the key support level at 6.27 today, it is now likely to act as resistance going forward. After trading as low as 6.16 during the day, the stock found support at the 20-day moving average at 6.17.

Trend

While the share is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Price broke through Technical Support S1 TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Decisive Down Move TQ Pro Members Only
Strong Down Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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