BLT.L finds buyers at key support level
BHP (BLT.L) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
BLT.L finished the week -0.13% lower at 1696.00 after losing £24.00 (-1.4%) today. Closing below Thursday's low at 1707.60, the share confirms its breakout through the previous session's low having traded £34.80 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (BLT.L as at Aug 10, 2018):
Friday's trading range was £32.20 (1.89%), that's below last trading month's daily average range of £43.56. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.
After trading as low as 1672.80 during the day, the stock bounced off the key support level at 1680.80. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 1709.20. After trading as low as 1672.80 during the day, BHP found support at the 50-day moving average at 1686.63.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Further buying could move prices higher should the market test July's nearby high at 1766.80.