BKW.AX slides to lowest close since June 5th


Brickworks Limited (BKW.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
BKW.AX breaks key support level
BKW.AX dominated by bears dragging the market lower throughout the day
BKW.AX breaks below 50-day moving average
BKW.AX closes lower for the 2nd day in a row
BKW.AX ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 55% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, BKW.AX ended Thursday at 15.71 losing A$0.27 (-1.69%). Today's closing price of 15.71 marks the lowest close since June 5th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 15.86, the stock confirms its breakout through the prior session's low having traded A$0.19 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for BKW.AX
Volatility

Thursday's trading range was A$0.28 (1.76%), that's slightly below last trading month's daily average range of A$0.30. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to a key support level at 15.57. Breaking below the key support level at 15.83 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. The market broke below the 50-day moving average at 15.74 today for the first time since June 5th.

Order Flow

Selling might accelerate should prices move below the nearby swing low at 15.52 where further sell stops could get triggered. Further selling might move prices lower should the market test May's close-by low at 15.34.

Conclusion

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

Market Conditions for Brickworks Limited
Condition Forecast Direction Win Avg Worst Best Events
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
RSI(14) above 70 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
5 Consecutive Higher Closes TQ Pro Members Only
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