SYD.AX finds buyers at key support level


Sydney Airport Holdings (SYD.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
SYD.AX closes below its opening price unable to hold early session gains
SYD.AX finds buyers at key support level
SYD.AX breaks below previous session low
SYD.AX ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

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 chart for SYD.AX
Volatility

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.

Support/Resistance

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.

Trend

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.

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 Sydney Airport Holdings
ConditionForecastDirectionWinAvgWorstBest
Close to S1 Support TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bullish Spinning Top TQ Pro Members Only
Shooting Star TQ Pro Members Only
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