BLT.L finds buyers again around 1713.60
BLT.L ended Thursday at 1748.80 flat. Trading up to £14.80 lower after the open, BHP managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.
Thursday's trading range was £42.60 (2.46%), that's above last trading month's daily average range of £35.11. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
After trading as low as 1713.60 during the day, the stock bounced off the key support level at 1720.20. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move lower than 1713.80 in the prior session, the share found buyers again around the same price level today at 1713.60.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only bullish while our quantitative statistics show a very bullish sentiment.
Market Conditions for BHP
|Bearish Break through SMA 100||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Bearish Bounce off SMA 100||TQ Pro Members Only|
|Bounced off Technical Support S1||TQ Pro Members Only|
|Bullish Spinning Top||TQ Pro Members Only|
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