BKW.AX breaks below 100-day moving average


Brickworks Limited (BKW.AX) Technical Analysis Report for Aug 10, 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 100-day moving average
BKW.AX ends the day on a bearish note closing near the low of the day
BKW.AX breaks below previous session low
TQ Sentiment
Report Sentiment: 87% Bearish
Technical Forecast:
Overview

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.

Daily chart for BKW.AX
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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.

Order Flow

Further buying might move prices higher should the market test July's nearby high at 15.92.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
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...
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