CTX.AX drops to lowest close since June 15th

Caltex Australia Ltd (CTX.AX) Technical Analysis Report for Jul 13, 2018

Highlights

CTX.AX breaks key support level
CTX.AX breaks below 50-day moving average
CTX.AX closes lower for the 2nd day in a row
CTX.AX ends the day on a bearish note closing near the low of the day
CTX.AX breaks below previous session low

TQ Sentiment

Report Sentiment:
66% Bearish
Technical Forecast:

Overview

Moving lower for the 2nd day in a row, CTX.AX ended the week -4.27% lower at 30.70 after losing A$0.44 (-1.41%) today. Today's closing price of 30.70 marks the lowest close since June 15th. Closing below Thursday's low at 30.95, the stock confirms its breakout through the previous session's low having traded A$0.34 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 CTX.AX

Volatility

Friday's trading range was A$0.55 (1.77%), that's slightly below last trading month's daily average range of A$0.57. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way below average.

Support/Resistance

Breaking below the key support level at 30.92 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. The share broke below the 50-day moving average at 30.79 today for the first time since March 1st.

Conclusion

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

Market Conditions for Caltex Australia Ltd

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