JBH.AX runs into sellers again around 23.52

JB Hi-Fi Limited (JBH.AX) Technical Analysis Report for Jul 13, 2018

Highlights

JBH.AX runs into sellers again around 23.52
JBH.AX closes within previous day's range
JBH.AX ends the day indecisive

TQ Sentiment

Report Sentiment:
42% Bearish
Technical Forecast:
TQ Pro Only
See the overall Technical Analysis forecast for today.

Overview

JBH.AX finished the week 3.05% higher at 23.29 after losing A$0.12 (-0.51%) today on low volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for JBH.AX

Volatility

Friday's trading range was A$0.40 (1.71%), that's slightly below last trading month's daily average range of A$0.44. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving higher in the prior session, the stock closed lower but above the previous day's open today, forming a bearish Harami Candle.

Support/Resistance

Prices are trading close to the key resistance level at 23.54. After having been unable to move above 23.56 in the prior session, JB Hi-Fi ran into sellers again around the same price level today, failing to move higher than 23.52.

Trend

Though the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying could speed up should prices move above the nearby swing high at 23.56 where further buy stops might get activated.

Conclusion

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

Market Conditions for JB Hi-Fi Limited

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