BPT.AX closes lower for the 2nd day in a row
Beach Energy Limited (BPT.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, BPT.AX ended the week -1.08% lower at 1.84 after losing A$0.03 (-1.6%) today. Today's closing price of 1.84 marks the lowest close since July 2nd. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (BPT.AX as at Jul 13, 2018):
Friday's trading range was A$0.07 (3.72%), that's above last trading month's daily average range of A$0.05. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
After having been unable to move above 1.90 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 1.90.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 1.80 where further sell stops might get activated. As prices are trading close to July's low at 1.76, downside momentum could accelerate should the stock mark new lows for the month.