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


Caltex Australia Ltd (CTX.AX) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
CTX.AX closes above its opening price after recovering from early selling pressure
CTX.AX closes higher for the 2nd day in a row
CTX.AX closes within previous day's range after lackluster session
CTX.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 28% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, CTX.AX ended Thursday at 30.69 edging higher A$0.02 (0.07%) on low volume. Trading up to A$0.21 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. 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

Thursday's trading range was A$0.44 (1.44%), that's below last trading month's daily average range of A$0.56. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.

Price Action

Regardless of a weak opening the stock managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Prices are trading close to the key resistance level at 30.84.

Trend

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

Order Flow

Buying could accelerate should prices move above the close-by swing high at 31.17 where further buy stops might get triggered.

Conclusion

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

Market Conditions for Caltex Australia Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Black Candle TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
Bullish Hikkake Pattern TQ Pro Members Only
More market conditions identified for TQ Pro members...
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