BKW.AX breaks below 100-day moving average
BKW.AX ended the week 0.91% higher at 15.57 after losing A$0.19 (-1.21%) today on high volume. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 15.65, the stock confirms its breakout through the prior session's low having traded A$0.11 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was A$0.34 (2.15%), that's above last trading month's daily average range of A$0.27. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. Notwithstanding a strong opening the market closed below the previous day's open and close, forming a bearish Engulfing Candle.
Prices are trading close to a key support level at 15.44. Breaking below the key support level at 15.60 today, it is now likely to act as resistance going forward.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. Brickworks Limited broke below the 100-day moving average at 15.66 today for the first time since August 8th.
Further buying might move prices higher should the market test July's nearby high at 15.92.
While classical technical analysis indicates a very bearish sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
Market Conditions for Brickworks Limited
|Close to R1 Resistance||TQ Pro Members Only|
|Decisive Up Move||TQ Pro Members Only|
|4 Consecutive Higher Closes||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
More market conditions identified for TQ Pro members...
Learn more about TQ Pro