STO.AX breaks key support level


Santos Ltd (STO.AX) Technical Analysis Report for 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
Report Sentiment: 80% Bearish
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.

Market Conditions for Santos Ltd
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Low close to previous low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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