BKL.AX dominated by bulls lifting the market higher throughout the day

Blackmores Limited (BKL.AX) Technical Analysis Report for Sep 14, 2018

Highlights

BKL.AX dominated by bulls lifting the market higher throughout the day
BKL.AX pushes through 100-day moving average
BKL.AX finds buyers again around 140.00
BKL.AX closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 66% Bullish
Technical Forecast:

Overview

BKL.AX finished the week -2.74% lower at 142.24 after gaining A$2.01 (1.43%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.

Daily chart for BKL.AX

Volatility

Friday's trading range was A$2.98 (2.13%), that's far below last trading month's daily average range of A$5.33. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average.

Support/Resistance

Prices are trading close to a key support level at 140.13. Prices are trading close to the key resistance level at 144.45. After having been unable to move lower than 140.10 in the previous session, the share found buyers again around the same price level today at 140.00.

Trend

Although Blackmores Limited is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. The stock managed to break above the 100-day moving average at 141.86 today for the first time since May 28th.

Order Flow

Trading close to July's low at 135.55 we could see further downside momentum if potential sell stops at the level get triggered.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.

Market Conditions for Blackmores Limited

Condition Forecast Direction Win Rate Exit Day Events
2 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
RSI(2) below 20 TQ Pro Members Only
Black Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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