BHP.AX closes within previous day's range after lackluster session


BHP Billiton Ltd (BHP.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
BHP.AX pushes through 20-day moving average
BHP.AX finds support at 20-day moving average
BHP.AX closes within previous day's range after lackluster session
BHP.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 42% Bullish
Technical Forecast:
Overview

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.

Daily chart for BHP.AX
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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.

Order Flow

Selling might speed up should prices move below the nearby swing low at 33.12 where further sell stops could get activated.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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