BGA.AX pushes through 200-day moving average
Bega Cheese Limited (BGA.AX) Technical Analysis Report for Sep 14, 2018
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.
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.
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.
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.
Selling might accelerate should prices move below the nearby swing low at 7.09 where further sell stops could get triggered.
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||Direction||Win Rate||Win Rate||Exit Day||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|
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