TCL.AX closes lower for the 3rd day in a row
Transurban Group NPV (TCL.AX) Technical Analysis Report for May 17, 2018
Moving lower for the 3rd day in a row, TCL.AX finished Thursday at 11.36 tanking A$0.19 (-1.65%). Today's closing price of 11.36 marks the lowest close since April 23rd. Closing below Wednesday's low at 11.55, the market confirms its breakout through the previous session's low having traded A$0.37 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was A$0.30 (2.62%), that's far above last trading month's daily average range of A$0.17. Weekly volatility is also higher, being way above the markets average with the monthly volatility being above average.
Breaking below the key support level at 11.40 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. The share broke below the 50-day moving average at 11.53 today for the first time since March 15th.
Further selling might move prices lower should the market test April's nearby low at 11.06.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.