SUN.AX finds buyers at key support level
SUN.AX finished Thursday at 13.87 gaining A$0.03 (0.22%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Thursday's trading range was A$0.19 (1.38%), that's slightly above last trading month's daily average range of A$0.18. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
After trading as low as 13.71 during the day, the market bounced off the key support level at 13.74. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 13.92. After trading as low as 13.71 during the day, the stock found support at the 20-day moving average at 13.71.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for Suncorp Group Ltd
|Down Close Near Low of Period||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|2 Consecutive Lower Closes||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
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