SUN.AX finds buyers at key support level
Suncorp Group Ltd (SUN.AX) Technical Analysis Report for Jul 13, 2018
SUN.AX finished the week -0.34% lower at 14.83 after losing A$0.12 (-0.8%) today. Today's closing price of 14.83 marks the lowest close since July 5th. Closing below Thursday's low at 14.89, the share confirms its breakout through the prior session's low having traded A$0.14 below it intraday.
Friday's trading range was A$0.21 (1.4%), that's slightly above last trading month's daily average range of A$0.19. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way below average.
Regardless of a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle.
After trading as low as 14.75 during the day, Suncorp Group bounced off the key support level at 14.82. The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.