BXB.AX breaks key support level


Brambles Ltd (BXB.AX) Technical Analysis Report for May 18, 2018 [< 1 min read]
Highlights
BXB.AX breaks key support level
BXB.AX closes lower for the 4th day in a row
BXB.AX breaks below previous session low
BXB.AX falls to lowest close since October 16, 2017
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

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 chart for BXB.AX
Volatility

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.

Support/Resistance

Breaking below the key support level at 9.26 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.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.

Market Conditions for Brambles Ltd
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bearish Hikkake Pattern TQ Pro Members Only
More market conditions identified for TQ Pro members...
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