BKW.AX slides to lowest close since June 5th

Brickworks Limited (BKW.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team


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


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 Candlestick Chart (BKW.AX as at Jun 14, 2018):

Daily technical analysis candlestick chart for Brickworks Limited (BKW.AX) as at Jun 14, 2018

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.

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.

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.

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.

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