CTX.AX closes lower for the 2nd day in a row

Caltex Australia Ltd (CTX.AX) Technical Analysis Report for Sep 14, 2018

Highlights

CTX.AX closes lower for the 2nd day in a row
CTX.AX finds buyers again around 29.35
CTX.AX closes within previous day's range after lackluster session
CTX.AX ends the day indecisive

TQ Sentiment

Report Sentiment: 0% Neutral
Technical Forecast:

Overview

Moving lower for the 2nd day in a row, CTX.AX ended the week -0.74% lower at 29.53 after losing A$0.03 (-0.1%) today. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for CTX.AX

Volatility

Friday's trading range was A$0.35 (1.19%), that's below last trading month's daily average range of A$0.64. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way above average.

Support/Resistance

Prices are trading close to the key resistance level at 29.83. After having been unable to move lower than 29.35 in the prior session, the share found buyers again around the same price level today at 29.35.

Trend

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

Order Flow

Buying might speed up should prices move above the close-by swing high at 29.90 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 28.91 where further sell stops could get triggered. With prices trading close to this year's low at 28.44, downside momentum might speed up should the market break out to new lows for the year. As prices are trading close to September's high at 30.44, upside momentum could accelerate should Caltex Australia mark new highs for the month.

Conclusion

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

Market Conditions for Caltex Australia Ltd

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