BGA.AX pushes through 200-day moving average

Bega Cheese Limited (BGA.AX) Technical Analysis Report for Sep 14, 2018

Highlights

BGA.AX pushes through key resistance level
BGA.AX pushes through 200-day moving average
BGA.AX unable to break through key resistance level
BGA.AX fails to close above 100-day moving average
BGA.AX pushes through previous session high

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

BGA.AX ended the week -4.35% lower at 7.25 after gaining A$0.11 (1.54%) today on high volume. Closing above Thursday's high at 7.24, Bega Cheese confirms its breakout through the previous session's high having traded A$0.20 above it intraday.

Daily chart for BGA.AX

Volatility

Friday's trading range was A$0.29 (4.06%), that's slightly above last trading month's daily average range of A$0.22. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being above average.

Support/Resistance

Breaking through the key resistance level at 7.22 today, it is now likely to act as support going forward. Unable to break through the key technical resistance level at 7.37, the stock closed below it after spiking as high as 7.44 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After spiking up to 7.44 during the day, the market found resistance at the 100-day moving average at 7.38.

Trend

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already. The share managed to break above the 200-day moving average at 7.24 today for the first time since May 18th.

Order Flow

Selling might accelerate should prices move below the nearby swing low at 7.09 where further sell stops could get triggered.

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 Bega Cheese Limited

Condition Forecast Direction Win Rate Exit Day Events
2 Consecutive Lower Closes TQ Pro Members Only
Close near low of period TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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