BHP.AX pushes through prior session high

BHP Billiton Ltd (BHP.AX) Technical Analysis Report for Apr 17, 2018

Highlights

BHP.AX finds buyers at key support level
BHP.AX unable to break through key resistance level
BHP.AX closes higher for the 7th day in a row
BHP.AX finds buyers again around 29.77
BHP.AX pushes through previous session high

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

Moving higher for the 7th day in a row, BHP.AX finished Tuesday at 30.00 gaining A$0.27 (0.91%). Today's closing price of 30.00 marks the highest close since February 27th. Closing above Saturday's high at 29.93, BHP Billiton confirms its breakout through the previous session's high having traded A$0.45 above it intraday.

Daily chart for BHP.AX

Volatility

Tuesday's trading range was A$0.61 (2.02%), that's far above last trading month's daily average range of A$0.40. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly above average.

Support/Resistance

After trading as low as 29.77 during the day, the share bounced off the key support level at 29.88. The failure to close below the support could increase that levels importance as support going forward. Unable to break through the key technical resistance level at 30.33, the market closed below it after spiking as high as 30.38 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 29.72 in the prior session, the stock found buyers again around the same price level today at 29.77.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

With prices trading close to this year's high at 31.06, upside momentum could speed up should BHP.AX be able to break out to new highs for the year. Trading close to February's high at 30.52 we might see further upside momentum if potential buy stops at the level 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

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Latest Report:

BHP.AX soars 2.92% closing A$0.92 higher

Sep 19, 2018
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