SUN.AX breaks below 20-day moving average
Suncorp Group Ltd (SUN.AX) Technical Analysis Report for May 18, 2018
Moving lower for the 2nd day in a row, SUN.AX ended the week 0.07% higher at 13.90 after losing A$0.07 (-0.5%) today. Today's closing price of 13.90 marks the lowest close since May 11th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Friday's trading range was A$0.15 (1.07%), that's slightly below last trading month's daily average range of A$0.16. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
After trading as low as 13.82 during the day, the share bounced off the key support level at 13.87. The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. The stock broke below the 20-day moving average at 13.95 today for the first time since March 22nd.
Selling might accelerate should prices move below the nearby swing low at 13.81 where further sell stops could get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.