BXB.AX breaks key support level
Brambles Ltd (BXB.AX) Technical Analysis Report for May 18, 2018 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, BXB.AX ended the week -6.19% lower at 9.24 after tanking A$0.15 (-1.6%) today on high volume. Today's closing price of 9.24 marks the lowest close since October 16, 2017. Closing below Thursday's low at 9.36, the stock confirms its breakout through the previous session's low having traded A$0.23 below it intraday.
Daily Candlestick Chart (BXB.AX as at May 18, 2018):
Friday's trading range was A$0.30 (3.18%), that's far above last trading month's daily average range of A$0.15. Weekly volatility is also higher, being way above the markets average with the monthly volatility being above average.
Breaking below the key support level at 9.26 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.