JHX.AX pushes through 50-day moving average
James Hardie (JHX.AX) Technical Analysis Report for Jul 13, 2018
Moving higher for the 3rd day in a row, JHX.AX finished the week 2.3% higher at 22.71 after gaining A$0.17 (0.75%) today on low volume. Today's closing price of 22.71 marks the highest close since June 28th. Closing above Thursday's high at 22.64, the share confirms its breakout through the prior session's high having traded A$0.15 above it intraday.
Friday's trading range was A$0.33 (1.46%), that's slightly below last trading month's daily average range of A$0.38. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 22.43. Prices are trading close to the key resistance level at 22.86. After trading as low as 22.46 during the day, the market found support at the 50-day moving average at 22.53.
While the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory. James Hardie managed to break above the 50-day moving average at 22.53 today for the first time since May 22nd.
Further buying might move prices higher should the market test June's close-by high at 23.05.
Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a bullish sentiment.