JHX.AX pushes through 50-day moving average


James Hardie (JHX.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
JHX.AX pushes through 50-day moving average
JHX.AX finds support at 50-day moving average
JHX.AX closes higher for the 3rd day in a row
JHX.AX pushes through previous session high
JHX.AX rises to highest close since June 28th
TQ Sentiment
Report Sentiment: 57% Bullish
Technical Forecast:
Overview

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.

Daily chart for JHX.AX
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

Further buying might move prices higher should the market test June's close-by high at 23.05.

Conclusion

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.

Market Conditions for James Hardie
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Bounce off SMA 50 TQ Pro Members Only
Close near low of period TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

JHX.AX plummets -1.76% on low volume

Jul 17, 2018
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