SYD.AX finds buyers at key support level
Sydney Airport Holdings (SYD.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
SYD.AX finished Thursday at 7.27 losing A$0.10 (-1.36%). Trading A$0.08 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 7.32, Sydney Airport confirms its breakout through the prior session's low having traded A$0.10 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (SYD.AX as at Jun 14, 2018):
Thursday's trading range was A$0.16 (2.19%), that's far above last trading month's daily average range of A$0.12. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.
After trading as low as 7.22 during the day, the share bounced off the key support level at 7.26. The failure to close below the support could increase that levels importance as support going forward.
While the stock is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.