SVW.AX still stuck within tight trading range


Seven Group Holdings (SVW.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
SVW.AX rallies 2.18% on high volume
SVW.AX dominated by bulls lifting the market higher throughout the day
SVW.AX pushes through 50-day moving average
SVW.AX pushes through previous session high
SVW.AX still stuck within tight trading range
TQ Sentiment
Report Sentiment: 55% Bullish
Technical Forecast:
Overview

SVW.AX ended the week 1.02% higher at 19.72 after surging A$0.42 (2.18%) today on high volume. This is the biggest single day gain in over a week. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 19.69, the share confirms its breakout through the previous session's high having traded A$0.10 above it intraday.

Daily chart for SVW.AX
Volatility

Friday's trading range was A$0.32 (1.64%), that's far below last trading month's daily average range of A$0.49. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 19.25 and 19.95 which it has been in now for the last trading week.

Support/Resistance

Prices are trading close to a key support level at 19.35. Prices are trading close to the key resistance level at 20.10.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The stock managed to break above the 50-day moving average at 19.66 today for the first time since July 10th.

Order Flow

Buying could speed up should prices move above the close-by swing high at 19.95 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 19.25 where further sell stops might get triggered.

Conclusion

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

Market Conditions for Seven Group Holdings
ConditionForecastDirectionWinAvgWorstBestEvents
Close to S1 Support TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
3 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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