TCL.AX breaks below 200-day moving average
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.
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.
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.
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.
Further buying could move prices higher should the market test May's nearby high at 12.14.
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
|Bearish Outside Bar||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
|Black Candle||TQ Pro Members Only|
|Close near low of period||TQ Pro Members Only|
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