SUN.AX ends the day indecisive


Suncorp Group Ltd (SUN.AX) Technical Analysis Report for Apr 17, 2018 [1 min read]
Highlights
SUN.AX closes below its opening price unable to hold early session gains
SUN.AX unable to break through key resistance level
SUN.AX runs into sellers again around 13.68
SUN.AX closes within previous day's range
SUN.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

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 chart for SUN.AX
Volatility

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.

Support/Resistance

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.

Trend

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

Order Flow

Buying could speed up should prices move above the nearby swing high at 13.74 where further buy stops might get activated.

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
ConditionForecastDirectionWinAvgWorstBestEvents
Bullish Break through SMA 20 TQ Pro Members Only
White Candle TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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