BKL.AX closes lower for the 2nd day in a row
Moving lower for the 2nd day in a row, BKL.AX finished Thursday at 142.30 losing A$3.93 (-2.69%). Closing below Wednesday's low at 143.62, the share confirms its breakout through the previous session's low having traded A$1.66 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Thursday's trading range was A$4.97 (3.42%), that's slightly above last trading month's daily average range of A$4.88. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 140.04. After having been unable to move above 147.20 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 146.93.
Blackmores Limited shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Selling could speed up should prices move below the close-by swing low at 140.04 where further sell stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for Blackmores Limited
|Close to R1 Resistance||TQ Pro Members Only|
|4 Consecutive Lower Closes||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|Black Candle||TQ Pro Members Only|
|Bearish Bounce off SMA 20||TQ Pro Members Only|
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