TCL.AX breaks below 200-day moving average


Transurban Group NPV (TCL.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
TCL.AX breaks below 200-day moving average
TCL.AX closes below its opening price unable to hold early session gains
TCL.AX finds buyers at key support level
TCL.AX unable to break through key resistance level
TCL.AX finds buyers again around 11.86
TQ Sentiment
Report Sentiment: 42% Bearish
Technical Forecast:
Overview

TCL.AX finished Thursday at 11.92 losing A$0.09 (-0.75%). Trading A$0.16 higher after the open, Transurban Group was unable to hold its gains as the bears took control ending the day below 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.

Daily chart for TCL.AX
Volatility

Thursday's trading range was A$0.25 (2.09%), that's far above last trading month's daily average range of A$0.18. 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 11.86 during the day, the market bounced off the key support level at 11.87. The failure to close below the support could increase that levels importance as support going forward. Unable to break through the key technical resistance level at 12.02, the stock closed below it after spiking as high as 12.11 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 11.86 in the previous session, the share found buyers again around the same price level today at 11.86.

Trend

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already. TCL.AX broke below the 200-day moving average at 11.94 today for the first time since May 11th.

Order Flow

Further buying could move prices higher should the market test May's nearby high at 12.14.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Transurban Group NPV
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

TCL.AX stuck within tight trading range

Aug 20, 2018
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