TCL.AX closes above its opening price after recovering from early selling pressure


Transurban Group NPV (TCL.AX) Technical Analysis Report for Apr 17, 2018 [1 min read]
Highlights
TCL.AX finds buyers around 11.16 for the third day in a row
TCL.AX closes above its opening price after recovering from early selling pressure
TCL.AX pushes through previous session high
TCL.AX stuck within tight trading range
TCL.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 42% Bullish
Technical Forecast:
Overview

TCL.AX ended Tuesday at 11.25 gaining A$0.07 (0.63%) on low volume. Trading up to A$0.05 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Saturday's high at 11.24, Transurban Group confirms its breakout through the previous session's high having traded A$0.04 above it intraday. 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

Tuesday's trading range was A$0.12 (1.07%), that's below last trading month's daily average range of A$0.17. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 11.16 and 11.30 which it has been in now for the last three days.

Support/Resistance

Prices are trading close to the key resistance level at 11.32. The share found buyers again today around 11.16 for the third trading day in a row after having found demand at 11.16 in the prior session and at 11.16 two days ago.

Trend

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

Order Flow

Buying could accelerate should prices move above the close-by swing high at 11.40 where further buy stops might get activated. With prices trading close to this year's low at 10.97, downside momentum could speed up should the stock break out to new lows for the year. As prices are trading close to April's high at 11.42, upside momentum might accelerate should TCL.AX mark new highs for the month. As prices are trading close to April's low at 11.06, downside momentum could speed up should the market mark new lows 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 bullish.

Market Conditions for Transurban Group NPV
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
Bullish Break through SMA 200 TQ Pro Members Only
Bearish Bounce off SMA 20 TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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