BRG.AX unable to break through key resistance level
BRG.AX ended the week -0.09% lower at 10.99 after gaining A$0.11 (1.01%) today. Closing above Thursday's high at 10.92, the market confirms its breakout through the prior session's high having traded A$0.18 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was A$0.24 (2.2%), that's slightly below last trading month's daily average range of A$0.29. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 10.79. Unable to break through the key technical resistance level at 11.00, the share closed below it after spiking as high as 11.10 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After spiking up to 11.10 during the day, Breville Group found resistance at the 20-day moving average at 11.00.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 11.19 where further buy stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
Market Conditions for Breville Group Limited
|Close to R1 Resistance||TQ Pro Members Only|
|Bearish High-Wave Candle||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
|Bearish Spinning Top||TQ Pro Members Only|
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