PRICE RANGE CHANGE
Trading: SELL @ $3.87
Signal Strength: WEAK
Indicator MUST BE USED in additional to another technical indicator to confirmation for trading entry. Indicator can be applied to the short term timeframe but is only able to give and indication of the strength of the buyers versus sellers at the market close. This bar analysis can provide guidance on the daily battle between sellers and buyers from the companies recent trading.
Scentre (ASX:SCG)sellers in control. This is the first day of seller commitment for Scentre adding strength to an downtrend in the first timeframe & highlights the lack of commitment of buyers to carry positions overnight Over the last 12 months there has been 3 trading days with the closing price in the lower part of the range giving a confirmation ratio of 1.1%. Over the last month there has been 3 trading days with the closing price in the lower range giving a confirmation ratio of 21.4%. Currently this quarter, closing price has spent 3 days in the lower price range compared to 1 days in the upper range giving a ratio of 3x.
Where the closing price fall within the day’s trading range highlights whether are in control.
[Calculations] Close Today Versus Range Today (CTRT):
1) When the closing price is near the high of the day buyers were in control at the close of the trading session;
2) When the closing price is near the low of the day sellers were in control at the close of the trading session;
3) When the closing price is near the middle of the day’s range where neither the buyers or sellers were in control at the close of the trading session;
PROFILE: Scentre (SCG.AX)
Stock Exchange: ASX
Ticker Codes: | SCG.AX | ASX:SCG |
Scentre Group owns and operates the pre-eminent shopping centre portfolio in Australia and New Zealand with retail real estate assets under management valued at $51 billion and shopping centre ownership interests valued at $36.2 billion. This comprises 39 Westfield shopping centres which have strong franchise value and the ability to attract the world's leading retail brands. Scentre Group's strategy is to own interests in the highest quality regional shopping centres in its markets and to invest in these assets through redevelopment opportunities, ensuring that the Group's shopping centres enrich communities by providing extraordinary retail spaces. Many shopping centres in the portfolio are owned in partnership with leading property investment institutions. Westfield shopping centres are an essential part of the community's social and economic fabric and in 2017 more than 530 million customers visits were made across Australia and New Zealand.
Close vs RangeDownload
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