BHP.AX breaks key support level
BHP Billiton Ltd (BHP.AX) Technical Analysis Report for May 18, 2018
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.
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.
Breaking below the key support level at 34.17 today, it is now likely to act as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
While classical technical analysis indicates a very bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.