SUL.AX breaks below 100-day moving average
Super Ret Rep Limited (SUL.AX) Technical Analysis Report for Sep 14, 2018
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.
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.
Prices are trading close to a key support level at 8.39.
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.
Trading close to July's low at 8.11 we could see further downside momentum if potential sell stops at the level get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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