SUN.AX finds buyers at key support level


Suncorp Group Ltd (SUN.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
SUN.AX finds buyers at key support level
SUN.AX breaks below previous session low
SUN.AX falls to lowest close since July 5th
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

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.

Daily chart for SUN.AX
Volatility

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.

Price Action

Regardless of a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

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.

Trend

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

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 Suncorp Group Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bearish Pin Bar TQ Pro Members Only
52 Week High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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