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 [1 min read]
Highlights
SUL.AX closes below its opening price unable to hold early session gains
SUL.AX ends the day on a bearish note closing near the low of the day
SUL.AX runs into sellers again around 8.56
SUL.AX closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

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.

Daily chart for SUL.AX
Volatility

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.

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. After moving higher in the prior session, the market closed lower but above the previous day's open today, forming a bearish Harami Candle.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Selling might speed up should prices move below the close-by swing low at 8.28 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 bullish.

Market Conditions for Super Ret Rep Limited
ConditionForecastDirectionWinAvgWorstBestEvents
Black Candle TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bearish Short Candle TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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