TGR.AX breaks below 20-day moving average


Tassal Group Limited (TGR.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
TGR.AX tanks -1.86% on low volume
TGR.AX breaks key support level
TGR.AX finds buyers around 4.19 for the third day in a row
TGR.AX breaks below 20-day moving average
TGR.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 42% Bearish
Technical Forecast:
Overview

TGR.AX finished the week -1.41% lower at 4.21 after tanking A$0.08 (-1.86%) today on low volume. This is the biggest single day loss in over two weeks. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.

Daily chart for TGR.AX
Volatility

Friday's trading range was A$0.09 (2.11%), that's slightly below last trading month's daily average range of A$0.10. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 4.16. Breaking below the key support level at 4.23 today, it is now likely to act as resistance going forward. The stock found buyers again today around 4.19 for the third trading day in a row after having found demand at 4.19 in the prior session and at 4.19 two days ago.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The share broke below the 20-day moving average at 4.24 today for the first time since July 10th.

Order Flow

Selling could speed up should prices move below the nearby swing low at 4.19 where further sell stops might get activated. With prices trading close to this year's high at 4.34, upside momentum could accelerate should Tassal Group be able to break out to new highs for the year. As prices are trading close to July's high at 4.32, upside momentum might speed up should the market mark new highs for the month. As prices are trading close to July's low at 4.14, downside momentum could accelerate should TGR.AX 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 slightly bullish.

Market Conditions for Tassal Group Limited
ConditionForecastDirectionWinAvgWorstBestEvents
High close to previous High TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Spinning Top TQ Pro Members Only
Bearish Bounce off SMA 20 TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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