BXB.AX rises to highest close since September 12, 2018


Brambles Ltd (BXB.AX) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team

Highlights

BXB.AX rises to highest close since September 12, 2018
BXB.AX dominated by bears dragging the market lower throughout the day
BXB.AX closes higher for the 3rd day in a row
BXB.AX closes within previous day's range

Overview

Moving higher for the 3rd day in a row, BXB.AX ended Wednesday at 11.28 gaining $0.05 (0.45%) on low volume, outperforming the ASX 50 (-0.44%). Today's close at 11.28 marks the highest recorded closing price since September 12, 2018. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (BXB.AX as at Feb 13, 2019):

Daily technical analysis candlestick chart for Brambles Ltd (BXB.AX) as at Feb 13, 2019

Wednesday's trading range has been $0.16 (1.4%), that's slightly above the last trading month's daily average range of $0.15. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for BXB.AX.

One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on February 8th, BXB.AX actually gained 0.54% on the following trading day.

Prices are trading close to the key technical resistance level at 11.34 (R1).

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

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Brambles Ltd. Out of 154 times, BXB.AX closed lower 55.84% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 50.65% with an average market move of -0.21%.


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