BLD.AX finds buyers at key support level
Boral Limited (BLD.AX) Technical Analysis Report for Jul 13, 2018
BLD.AX finished the week -1.37% lower at 6.47 after gaining A$0.01 (0.15%) today. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.
Friday's trading range was A$0.06 (0.92%), that's far below last trading month's daily average range of A$0.11. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
After trading as low as 6.44 during the day, the share bounced off the key support level at 6.45. The failure to close below the support might increase that levels importance as support going forward. After trading as low as 6.44 during the day, the market found support at the 50-day moving average at 6.47.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. Boral Limited managed to break above the 50-day moving average at 6.47 today for the first time since July 5th.
Selling could speed up should prices move below the nearby swing low at 6.42 where further sell stops might get triggered.
Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a slightly bullish sentiment for the next trading day.
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