SUN.AX finds buyers at key support level

Suncorp Group Ltd (SUN.AX) Technical Analysis Report for Jul 13, 2018

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

Loading Market Conditions for $SUN.AX (Suncorp Group Ltd)...
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Suncorp Group Ltd traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Market Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!