SYR.AX closes within prior day's range

Syrah Resources (SYR.AX) Technical Analysis Report for Sep 14, 2018

Highlights

SYR.AX ends the day on a bearish note closing near the low of the day
SYR.AX runs into sellers again around 2.39
SYR.AX closes within previous day's range

TQ Sentiment

Report Sentiment: 40% Bearish
Technical Forecast:

Overview

SYR.AX finished the week -1.72% lower at 2.29 after losing A$0.07 (-2.97%) today. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for SYR.AX

Volatility

Friday's trading range was A$0.11 (4.66%), that's slightly above last trading month's daily average range of A$0.10. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 2.27. After having been unable to move above 2.39 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 2.39.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling might accelerate should prices move below the close-by swing low at 2.27 where further sell stops could get triggered.

Conclusion

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 Syrah Resources

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Latest Report:

SYR.AX finds buyers at key support level

Sep 24, 2018
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