JHX.AX slumps, loses A$0.68 (-2.88%) within a single day


James Hardie (JHX.AX) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
JHX.AX crashes, loses A$0.68 (-2.88%) within a single day
JHX.AX breaks key support level
JHX.AX dominated by bears dragging the market lower throughout the day
JHX.AX breaks below 50-day moving average
JHX.AX closes lower for the 2nd day in a row
TQ Sentiment
Report Sentiment: 75% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, JHX.AX finished Thursday at 22.93 tanking A$0.68 (-2.88%). This is the biggest single day loss in over three months. Today's closing price of 22.93 marks the lowest close since April 12th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 23.58, the stock confirms its breakout through the previous session's low having traded A$0.71 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for JHX.AX
Volatility

Thursday's trading range was A$0.75 (3.18%), that's far above last trading month's daily average range of A$0.34. Weekly volatility is also higher, being above the markets average with the monthly volatility being below average.

Support/Resistance

Breaking below the key support level at 23.02 today, it is now likely to act as resistance going forward.

Trend

While James Hardie is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. The share broke below the 50-day moving average at 23.04 today for the first time since April 6th.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.

Market Conditions for James Hardie
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
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