BHP.AX closes within previous day's range after lackluster session
BHP.AX ended Thursday at 33.38 gaining A$0.13 (0.39%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was A$0.19 (0.57%), that's far below last trading month's daily average range of A$0.37. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to a key support level at 33.12. After trading as low as 33.25 during the day, the market found support at the 20-day moving average at 33.36.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The stock managed to break above the 20-day moving average at 33.36 today for the first time since June 6th.
Selling might speed up should prices move below the nearby swing low at 33.12 where further sell stops could get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.
Market Conditions for BHP Billiton Ltd
|White Candle||TQ Pro Members Only|
|Up Close near high of period||TQ Pro Members Only|
|Bullish Bounce off SMA 50||TQ Pro Members Only|
|Thrusting Pattern||TQ Pro Members Only|
|Close near high of period||TQ Pro Members Only|
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