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SUN.AX breaks below 20-day moving average


Technical Analysis Report for SUN.AX - May 18, 2018 [< 1 min read]
Highlights
SUN.AX breaks below 20-day moving average
SUN.AX finds buyers at key support level
SUN.AX closes lower for the 2nd day in a row
SUN.AX falls to lowest close since May 11th
SUN.AX closes within previous day's range
TQ Sentiment
Technical Forecast:
Overview

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.

Daily chart for SUN.AX
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

Selling might accelerate should prices move below the nearby swing low at 13.81 where further sell stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bearish Break through SMA 20 TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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