BLT.L closes within prior day's range after lackluster session
BHP (BLT.L) Technical Analysis Report for Oct 12, 2018
BLT.L ended the week -3.62% lower at 1576.40 after gaining £12.40 (0.79%) today, outperforming the FTSE 100 (-0.16%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (BLT.L as at Oct 12, 2018):
Friday's trading range has been £27.20 (1.71%), that's below the last trading month's daily average range of £34.81. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BLT.L.
One bearish candlestick pattern matches today's price action, the Black Candle.
After spiking up to 1597.80 during the day, the share found resistance at the 200-day moving average at 1595.79. The last time this happened on April 5th, BLT.L lost -1.50% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Close to R1 Resistance" stand out. Its common bearish interpretation has been confirmed for BHP. Out of 1,358 times, BLT.L closed lower 52.06% of the time on the next trading day after the market condition occurred.