BKL.AX dominated by bulls lifting the market higher throughout the day
Blackmores Limited (BKL.AX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (BKL.AX as at Sep 14, 2018):
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.
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.
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.
Trading close to July's low at 135.55 we could see further downside momentum if potential sell stops at the level get triggered.