TCL.AX ends the day indecisive

Transurban Group NPV (TCL.AX) Technical Analysis Report for Sep 14, 2018

Highlights

TCL.AX runs into sellers again around 11.29
TCL.AX closes within previous day's range after lackluster session
TCL.AX ends the day indecisive

TQ Sentiment

Report Sentiment: 33% Bearish
Technical Forecast:

Overview

TCL.AX ended the week -1.75% lower at 11.24 after gaining A$0.12 (1.08%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. 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$0.10 (0.89%), that's far below last trading month's daily average range of A$0.17. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way above average.

Support/Resistance

Prices are trading close to the key resistance level at 11.25. After having been unable to move above 11.27 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 11.29.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 11.40 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 11.12 where further sell stops could get activated. With prices trading close to this year's low at 10.97, downside momentum might accelerate should the stock break out to new lows for the year.

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

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Latest Report:

TCL.AX finds buyers at key support level

Sep 24, 2018
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