TCL.AX ends the day on a bearish note closing near the low of the day
TCL.AX finished the week 1.1% higher at 11.90 after losing A$0.10 (-0.83%) today on low volume. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 11.96, Transurban Group confirms its breakout through the prior session's low having traded A$0.06 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was A$0.12 (1.0%), that's below last trading month's daily average range of A$0.15. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.
Despite a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle.
Prices are trading close to a key support level at 11.79. Unable to break through the key technical resistance level at 12.02, the share closed below it after spiking as high as 12.02 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The market broke below the 200-day moving average at 11.93 today for the first time since July 23rd.
While classical technical analysis indicates a very bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Transurban Group NPV
|Bearish Bounce off SMA 50||TQ Pro Members Only|
|2 Consecutive Lower Closes||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Bearish Bounce off SMA 200||TQ Pro Members Only|
|Bullish High-Wave Candle||TQ Pro Members Only|
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