TCL.AX unable to break through key resistance level


Transurban Group NPV (TCL.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
TCL.AX unable to break through key resistance level
TCL.AX runs into sellers again around 12.05
TCL.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

TCL.AX ended the week -0.83% lower at 12.00 after flat today. 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

Friday's trading range was A$0.09 (0.75%), that's far below last trading month's daily average range of A$0.16. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Support/Resistance

Unable to break through the key technical resistance level at 12.02, the share closed below it after spiking as high as 12.05 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 above 12.06 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 12.05.

Trend

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 12.06 where further buy stops might get activated. As prices are trading close to July's high at 12.27, upside momentum could speed up should Transurban Group mark new highs for the month.

Conclusion

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

Market Conditions for Transurban Group NPV
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Bounce off SMA 200 TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Break through SMA 50 TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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