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


Transurban Group NPV (TCL.AX) Technical Analysis Report for May 18, 2018 [< 1 min read]
Highlights
TCL.AX closes above its opening price after recovering from early selling pressure
TCL.AX ends the day on a bullish note closing near the high of the day
TCL.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 50% Bullish
Technical Forecast:
Overview

TCL.AX ended the week -3.88% lower at 11.40 after edging higher A$0.04 (0.35%) today. Trading up to A$0.12 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for TCL.AX
Volatility

Friday's trading range was A$0.17 (1.5%), that's slightly below last trading month's daily average range of A$0.17. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the share managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to the key resistance level at 11.55.

Trend

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

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
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
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