BXB.AX pops to highest close since May 16th
Brambles Ltd (BXB.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BXB.AX finished the week 2.62% higher at 9.41 after gaining A$0.13 (1.4%) today. Today's closing price of 9.41 marks the highest close since May 16th. Closing above Thursday's high at 9.35, the stock confirms its breakout through the prior session's high having traded A$0.12 above it intraday.
Daily Candlestick Chart (BXB.AX as at Jul 13, 2018):
Friday's trading range was A$0.18 (1.94%), that's slightly below last trading month's daily average range of A$0.18. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average.
Breaking through the key resistance level at 9.32 today, it is now likely to act as support going forward. After spiking up to 9.47 during the day, Brambles Ltd found resistance at the 100-day moving average at 9.47.
Although 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.