TDG finds buyers again around 356.07


TransDigm Group (TDG) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
TDG breaks key support level
TDG closes below its opening price unable to hold early session gains
TDG finds buyers again around 356.07
TDG stuck within tight trading range
TDG closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

TDG ended the week -3.46% lower at 357.02 after losing $2.36 (-0.66%) today. Trading $1.28 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.

Daily chart for TDG
Volatility

Friday's trading range was $3.47 (0.97%), that's far below last trading month's daily average range of $6.55. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 355.46 and 362.94 which it has been in now for the last three days.

Support/Resistance

Breaking below the key support level at 358.05 today, it is now likely to act as resistance going forward. After having been unable to move lower than 356.83 in the previous session, the market found buyers again around the same price level today at 356.07.

Trend

While TransDigm Group is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

Order Flow

Buying could speed up should prices move above the close-by swing high at 362.94 where further buy stops might get activated.

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 TransDigm Group
Condition Forecast Direction Win Avg Worst Best Events
Southern Doji TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Doji TQ Pro Members Only
Bullish Bounce off SMA 50 TQ Pro Members Only
Gravestone Doji TQ Pro Members Only
More market conditions identified for TQ Pro members...
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