SUN.AX breaks below 20-day moving average


Suncorp Group Ltd (SUN.AX) Technical Analysis Report for May 18, 2018 | by Techniquant Editorial Team

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

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 Candlestick Chart (SUN.AX as at May 18, 2018):

Daily technical analysis candlestick chart for Suncorp Group Ltd (SUN.AX) as at May 18, 2018

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.


Market Conditions for SUN.AX as at May 18, 2018

Loading Market Conditions for SUN.AX (Suncorp Group Ltd)...
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