BAP.AX closes below its opening price unable to hold early session gains
Bapcor Limited (BAP.AX) Technical Analysis Report for Jul 13, 2018
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.
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.
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.
Prices are trading close to a key support level at 6.89.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 6.88 where further sell stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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