SUN.AX finds buyers at key support level


Suncorp Group Ltd (SUN.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
SUN.AX dominated by bulls lifting the market higher throughout the day
SUN.AX finds buyers at key support level
SUN.AX finds support at 20-day moving average
SUN.AX ends the day on a bullish note closing near the high of the day
SUN.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 66% Bullish
Technical Forecast:
Overview

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.

Daily chart for SUN.AX
Volatility

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.

Support/Resistance

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.

Trend

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

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
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
More market conditions identified for TQ Pro members...
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