BXB.AX breaks key support level


Brambles Ltd (BXB.AX) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
BXB.AX crashes, loses A$0.22 (-2.29%) within a single day
BXB.AX breaks key support level
BXB.AX dominated by bears dragging the market lower throughout the day
BXB.AX closes lower for the 3rd day in a row
BXB.AX ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 62% Bearish
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, BXB.AX ended Thursday at 9.39 tanking A$0.22 (-2.29%) on high volume. This is the biggest single day loss in over a month. Today's closing price of 9.39 marks the lowest close since March 8th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 9.61, Brambles Ltd confirms its breakout through the previous session's low having traded A$0.25 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for BXB.AX
Volatility

Thursday's trading range was A$0.23 (2.4%), that's far above last trading month's daily average range of A$0.14. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to a key support level at 9.26. Breaking below the key support level at 9.55 today, it is now likely to act as resistance going forward.

Trend

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

Order Flow

With prices trading close to this year's low at 9.20, downside momentum could accelerate should the market break out to new lows for the year.

Conclusion

Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only slightly bearish while our quantitative statistics show a bearish sentiment.

Market Conditions for Brambles Ltd
Condition Forecast Direction Win Avg Worst Best Events
Bearish Outside Bar TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Black Candle TQ Pro Members Only
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