BAP.AX breaks key support level
BAP.AX finished the week 0.57% higher at 7.04 after losing A$0.06 (-0.85%) today on low volume. Trading A$0.07 higher after the open, the market 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 with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was A$0.17 (2.38%), that's far above last trading month's daily average range of A$0.11. Weekly volatility is also higher, being above the markets average with the monthly volatility being below average.
Prices are trading close to a key support level at 6.97. Breaking below the key support level at 7.05 today, it is now likely to act as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 6.93 where further sell stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
Market Conditions for Bapcor Limited
|Close to R1 Resistance||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
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