BAP.AX breaks key support level
Bapcor Limited (BAP.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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.
Daily Candlestick Chart (BAP.AX as at Aug 10, 2018):
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.