BRG.AX closes lower for the 2nd day in a row
Moving lower for the 2nd day in a row, BRG.AX ended Thursday at 11.38 losing A$0.13 (-1.13%). Trading A$0.19 higher after the open, Breville Group was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 11.48, the share confirms its breakout through the previous session's low having traded A$0.12 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Thursday's trading range was A$0.30 (2.62%), that's above last trading month's daily average range of A$0.22. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 11.27. Unable to break through the key technical resistance level at 11.61, the market closed below it after spiking as high as 11.66 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After spiking up to 11.66 during the day, the stock found resistance at the 20-day moving average at 11.51.
BRG.AX shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. Breville Group broke below the 20-day moving average at 11.51 today for the first time since June 6th.
Selling might accelerate should prices move below the nearby swing low at 11.27 where further sell stops could get activated.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Breville Group Limited
|Bullish Break through SMA 100||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|Strong Up Move||TQ Pro Members Only|
|Decisive Up Move||TQ Pro Members Only|
|4 Consecutive Higher Closes||TQ Pro Members Only|
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