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BHP.AX breaks key support level


Technical Analysis Report for BHP.AX - May 18, 2018 [< 1 min read]
Highlights
BHP.AX breaks key support level
BHP.AX dominated by bears dragging the market lower throughout the day
BHP.AX breaks below previous session low
TQ Sentiment
Technical Forecast:
Overview

BHP.AX ended the week 2.77% higher at 34.08 after losing A$0.36 (-1.05%) today on low volume. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 34.19, BHP Billiton confirms its breakout through the prior session's low having traded A$0.27 below it intraday.

Daily chart for BHP.AX
Volatility

Friday's trading range was A$0.48 (1.4%), that's far above last trading month's daily average range of A$0.36. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being above average.

Support/Resistance

Breaking below the key support level at 34.17 today, it is now likely to act as resistance going forward.

Trend

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

Conclusion

While classical technical analysis indicates a very bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Price broke through Technical Support S1 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Decisive Down Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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