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

BHP Billiton Ltd (BHP.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team


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


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 Candlestick Chart (BHP.AX as at Jun 14, 2018):

Daily technical analysis candlestick chart for BHP Billiton Ltd (BHP.AX) as at Jun 14, 2018

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.

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