BXB.AX finds support at 20-day moving average
Brambles Ltd (BXB.AX) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
BXB.AX finished the week 0.38% higher at 10.56 after losing $0.11 (-1.03%) today on low volume, underperforming the ASX 50 (-0.04%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (BXB.AX as at Nov 09, 2018):
Friday's trading range has been $0.19 (1.8%), that's slightly below the last trading month's daily average range of $0.22. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BXB.AX.
Three candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern, one bearish pattern, the Gravestone Doji and one neutral pattern, the Doji. The last time a Southern Doji showed up on September 24th, BXB.AX gained 2.35% on the following trading day.
After trading as low as 10.49 during the day, Brambles Ltd found support at the 20-day moving average at 10.52.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying might accelerate should prices move above the nearby swing high at 10.75 where further buy stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 20" stand out. Its common bullish interpretation has been confirmed for Brambles Ltd. Out of 63 times, BXB.AX closed higher 55.56% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.90% with an average market move of 0.23%.