SUL.AX closes below its opening price unable to hold early session gains
Super Ret Rep Limited (SUL.AX) Technical Analysis Report for Jul 13, 2018
SUL.AX finished the week 0.96% higher at 8.44 after losing A$0.06 (-0.71%) today. Trading A$0.07 higher after the open, the stock 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 beyond 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.
Friday's trading range was A$0.15 (1.77%), that's below last trading month's daily average range of A$0.20. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
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. After moving higher in the prior session, the market closed lower but above the previous day's open today, forming a bearish Harami Candle.
Prices are trading close to a key support level at 8.38. After having been unable to move above 8.57 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 8.56.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 8.28 where further sell stops could get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.