BLL unable to break through key resistance level
Ball Corporation (BLL) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
BLL finished the week -3.85% lower at 44.16 after gaining $0.65 (1.49%) today, slightly outperforming the S&P 500 (1.42%). Trading up to $0.27 lower after the open, Ball Corp managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (BLL as at Oct 12, 2018):
Friday's trading range has been $0.76 (1.73%), that's slightly above the last trading month's daily average range of $0.72. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BLL.
Unable to break through the key technical resistance level at 44.36 (R1), the share closed below it after spiking up to 44.40 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. After having been unable to move above 44.39 in the previous session, the stock ran into sellers again around the same price level today, missing to move higher than 44.40. The last time this happened on October 1st, BLL actually gained 1.30% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 43.43 where further sell stops might get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Ball Corp. Out of 642 times, BLL closed higher 50.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.72% with an average market move of 0.99%.