SUL.AX breaks below 100-day moving average

Super Ret Rep Limited (SUL.AX) Technical Analysis Report for Sep 14, 2018

Highlights

SUL.AX breaks below 100-day moving average
SUL.AX closes lower for the 4th day in a row
SUL.AX ends the day on a bearish note closing near the low of the day
SUL.AX breaks below previous session low
SUL.AX falls to lowest close since August 13th

TQ Sentiment

Report Sentiment: 50% Bearish
Technical Forecast:

Overview

Moving lower for the 4th day in a row, SUL.AX ended the week -4.15% lower at 8.55 after losing A$0.17 (-1.95%) today. Today's closing price of 8.55 marks the lowest close since August 13th. Closing below Thursday's low at 8.67, the share confirms its breakout through the prior session's low having traded A$0.14 below it intraday. 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$0.21 (2.42%), that's slightly below last trading month's daily average range of A$0.25. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 8.39.

Trend

Though the stock is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. The market broke below the 100-day moving average at 8.58 today for the first time since February 14th.

Order Flow

Trading close to July's low at 8.11 we could see further downside momentum if potential sell stops at the level 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

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