BRK-B finds buyers again around 196.62


Technical Analysis Report for BRK-B - May 17, 2018 [1 min read]
Highlights
BRK-B finds support at 20-day moving average
BRK-B finds buyers again around 196.62
BRK-B stuck within tight trading range
BRK-B closes within previous day's range after lackluster session
BRK-B ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

BRK-B finished Thursday at 197.49 losing $0.34 (-0.17%) on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for BRK-B
Volatility

Thursday's trading range was $1.23 (0.62%), that's far below last trading month's daily average range of $2.85. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 196.18 and 198.93 which it has been in now for the last three days.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving higher in the prior session, the stock closed lower but above the previous day's open today, forming a bearish Harami Candle.

Support/Resistance

Prices are trading close to the key resistance level at 198.10. After having been unable to move lower than 196.40 in the prior session, Berkshire Hathaway found buyers again around the same price level today at 196.62. After trading as low as 196.62 during the day, the market found support at the 20-day moving average at 197.12.

Trend

While the share is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Selling might accelerate should prices move below the close-by swing low at 196.18 where further sell stops could get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bullish Bounce off SMA 20 TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Bearish Harami Candle TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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