JHX.AX slumps, loses A$0.68 (-2.88%) within a single day
James Hardie (JHX.AX) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (JHX.AX as at May 17, 2018):
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.
Breaking below the key support level at 23.02 today, it is now likely to act as resistance going forward.
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.