BAP.AX closes below its opening price unable to hold early session gains


Bapcor Limited (BAP.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
BAP.AX closes below its opening price unable to hold early session gains
BAP.AX ends the day on a bearish note closing near the low of the day
BAP.AX closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

BAP.AX ended the week 2.98% higher at 6.92 after edging lower A$0.01 (-0.14%) today on low volume. Trading A$0.02 higher after the open, Bapcor Limited 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 past the previous day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for BAP.AX
Volatility

Friday's trading range was A$0.04 (0.58%), that's far below last trading month's daily average range of A$0.13. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 6.89.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 6.88 where further sell 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 Bapcor Limited
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
52 Week High TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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