SYD.AX closes above its opening price after recovering from early selling pressure
SYD.AX finished the week -4.85% lower at 7.07 after gaining A$0.02 (0.28%) today on low volume. Trading up to A$0.04 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was A$0.10 (1.42%), that's slightly below last trading month's daily average range of A$0.12. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being above average.
After trading as low as 7.01 during the day, Sydney Airport bounced off the key support level at 7.02. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 7.14. After trading as low as 7.01 during the day, the market found support at the 200-day moving average at 7.03.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling could accelerate should prices move below the close-by swing low at 6.96 where further sell stops might get triggered. Trading close to May's low at 6.90 we could see further downside momentum if potential sell stops at the level get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
Market Conditions for Sydney Airport Holdings
|RSI(2) above 80||TQ Pro Members Only|
|Price broke through Technical Resistance R1||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Bullish Harami Candle||TQ Pro Members Only|
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