BXB.AX closes below its opening price unable to hold early session gains


Brambles Ltd (BXB.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
BXB.AX finds buyers around 8.99 for the third day in a row
BXB.AX closes below its opening price unable to hold early session gains
BXB.AX finds buyers at key support level
BXB.AX unable to break through key resistance level
BXB.AX fails to close above 20-day moving average
TQ Sentiment
Report Sentiment: 37% Bearish
Technical Forecast:
Overview

BXB.AX finished Thursday at 9.03 losing A$0.04 (-0.44%). Trading A$0.12 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for BXB.AX
Volatility

Thursday's trading range was A$0.18 (1.99%), that's above last trading month's daily average range of A$0.15. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average.

Support/Resistance

After trading as low as 8.99 during the day, Brambles Ltd bounced off the key support level at 9.02. The failure to close below the support could increase that levels importance as support going forward. Unable to break through the key technical resistance level at 9.16, the share closed below it after spiking as high as 9.17 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. The market found buyers again today around 8.99 for the third trading day in a row after having found demand at 8.97 in the previous session and at 8.98 two days ago. After spiking up to 9.17 during the day, BXB.AX found resistance at the 20-day moving average at 9.13.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling could speed up should prices move below the close-by swing low at 8.97 where further sell stops might get activated. 2,017's low at 8.89 is within reach and we could see further downside momentum should the stock break out beyond.

Conclusion

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

Market Conditions for Brambles Ltd
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Strong Up Move TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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