BAL.AX slides to lowest close since May 29th
Bellamy's Australia (BAL.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, BAL.AX finished Thursday at 16.21 losing A$0.14 (-0.86%). Today's closing price of 16.21 marks the lowest close since May 29th. Trading A$0.37 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (BAL.AX as at Jun 14, 2018):
Thursday's trading range was A$0.69 (4.21%), that's slightly below last trading month's daily average range of A$0.85. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
Prices are trading close to a key support level at 15.70. After spiking up to 16.75 during the day, Bellamy's Australia found resistance at the 20-day moving average at 16.65.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Further selling might move prices lower should the market test May's nearby low at 15.60.