BXB.AX breaks key support level
Brambles Ltd (BXB.AX) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (BXB.AX as at May 17, 2018):
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
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.