TCL.AX ends the day on a bearish note closing near the low of the day


Transurban Group NPV (TCL.AX) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
TCL.AX dominated by bears dragging the market lower throughout the day
TCL.AX breaks below 200-day moving average
TCL.AX unable to break through key resistance level
TCL.AX ends the day on a bearish note closing near the low of the day
TCL.AX breaks below previous session low
TQ Sentiment
Report Sentiment: 85% Bearish
Technical Forecast:
Overview

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.

Daily chart for TCL.AX
Volatility

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.

Price Action

Despite a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

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.

Trend

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.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
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
More market conditions identified for TQ Pro members...
Learn more about TQ Pro
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Transurban Group NPV traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Signup
Stocks Top Movers
ETHUSD 313.2627.54 9.64%
BTCUSD 6,552.78258.70 4.11%
NATGAS 2.9440.033 1.13%
GOLD 1,191.810.8 0.91%
CRUDE 65.200.47 0.73%
CAC 5,344.93-4.09 -0.08%
DAX 12,210.55-26.62 -0.22%
USDJPY 110.50-0.40 -0.36%
DXY 95.980-0.555 -0.57%
Start your day with the facts moving the markets
By clicking "Subscribe", you agree to our terms and privacy policy.

Related Stocks

ABBV 10 day candlestick chart for ABBV98.81 0.59
0.60%
ACN 10 day candlestick chart for ACN164.89 2.00
1.23%
ADBE 10 day candlestick chart for ADBE245.70 -3.19
-1.28%
AAP 10 day candlestick chart for AAP159.72 0.23
0.14%
AES 10 day candlestick chart for AES13.94 0.07
0.50%
AET 10 day candlestick chart for AET198.86 0.39
0.20%
AFL 10 day candlestick chart for AFL46.76 0.26
0.56%
AMG 10 day candlestick chart for AMG146.59 0.30
0.21%
A 10 day candlestick chart for A64.66 -0.84
-1.28%
ABT 10 day candlestick chart for ABT64.72 0.56
0.87%