SUN.AX ends the day indecisive
Suncorp Group Ltd (SUN.AX) Technical Analysis Report for Apr 17, 2018 | by Techniquant Editorial Team
SUN.AX finished Tuesday at 13.58 losing A$0.02 (-0.15%) on low volume. Trading A$0.06 higher after the open, Suncorp Group was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond 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 Candlestick Chart (SUN.AX as at Apr 17, 2018):
Tuesday's trading range was A$0.15 (1.1%), that's slightly below 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 below average.
Unable to break through the key technical resistance level at 13.63, the stock closed below it after spiking as high as 13.68 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move above 13.67 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 13.68.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 13.74 where further buy stops might get activated.