SYR.AX closes within prior day's range
Syrah Resources (SYR.AX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (SYR.AX as at Sep 14, 2018):
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 2.27 where further sell stops could get triggered.