BLT.L finds buyers again around 1713.60


BHP (BLT.L) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
BLT.L closes above its opening price after recovering from early selling pressure
BLT.L finds buyers at key support level
BLT.L finds buyers again around 1713.60
BLT.L closes within previous day's range
TQ Sentiment
Report Sentiment: 80% Bullish
Technical Forecast:
Overview

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.

Daily chart for BLT.L
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
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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