TGR.AX stuck within tight trading range

Overview

TGR.AX ended the week -0.92% lower at 4.30 after losing A$0.01 (-0.23%) today. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Volatility

Friday's trading range was A$0.07 (1.63%), that's below last trading month's daily average range of A$0.09. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 4.23 and 4.33 which it has been in now for the last three days.

Support/Resistance

Prices are trading close to the key resistance level at 4.33. After having been unable to move lower than 4.23 in the prior session, Tassal Group found buyers again around the same price level today at 4.23.

Trend

While the stock 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 accelerate should prices move above the nearby swing high at 4.39 where further buy stops might get activated. Further selling could move prices lower should the market test August's close-by low at 4.13.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.