BKW.AX fails to close above 20-day moving average

Brickworks Limited (BKW.AX) Technical Analysis Report for Sep 14, 2018

Highlights

BKW.AX fails to close above 20-day moving average
BKW.AX finds buyers again around 16.98
BKW.AX still stuck within tight trading range
BKW.AX closes within previous day's range
BKW.AX ends the day indecisive

TQ Sentiment

Report Sentiment: 28% Bearish
Technical Forecast:

Overview

BKW.AX ended the week -1.21% lower at 17.09 after gaining A$0.02 (0.12%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for BKW.AX

Volatility

Friday's trading range was A$0.27 (1.59%), 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 way below the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 16.88 and 17.36 which it has been in now for the last trading week.

Support/Resistance

Prices are trading close to the key resistance level at 17.29. After having been unable to move lower than 17.02 in the prior session, the market found buyers again around the same price level today at 16.98. After spiking up to 17.25 during the day, Brickworks Limited found resistance at the 20-day moving average at 17.18.

Trend

Though the share is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

Order Flow

Selling might speed up should prices move below the nearby swing low at 16.88 where further sell stops could get triggered.

Conclusion

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

Market Conditions for Brickworks Limited

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