SUN.AX closes above its opening price after recovering from early selling pressure


Suncorp Group Ltd (SUN.AX) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
SUN.AX closes above its opening price after recovering from early selling pressure
SUN.AX closes within previous day's range
SUN.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

SUN.AX finished the week 4.97% higher at 15.63 after losing A$0.07 (-0.45%) today on high volume. Trading up to A$0.26 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for SUN.AX
Volatility

Friday's trading range was A$0.47 (3.03%), that's far above last trading month's daily average range of A$0.21. Weekly volatility is also higher, being way above the markets average with the monthly volatility being way above average.

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 bearish.

Market Conditions for Suncorp Group Ltd
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
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