JHX.AX closes lower for the 3rd day in a row


James Hardie (JHX.AX) Technical Analysis Report for May 18, 2018 [1 min read]
Highlights
JHX.AX dominated by bears dragging the market lower throughout the day
JHX.AX breaks below 100-day moving average
JHX.AX unable to break through key resistance level
JHX.AX fails to close above 50-day moving average
JHX.AX closes lower for the 3rd day in a row
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, JHX.AX ended the week -4.46% lower at 22.48 after tanking A$0.45 (-1.96%) today. Today's closing price of 22.48 marks the lowest close since April 6th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 22.87, the market confirms its breakout through the previous session's low having traded A$0.46 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

Friday's trading range was A$0.63 (2.74%), that's far above last trading month's daily average range of A$0.34. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 22.29. Unable to break through the key technical resistance level at 23.02, the share closed below it after spiking as high as 23.04 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After spiking up to 23.04 during the day, James Hardie found resistance at the 50-day moving average at 23.04.

Trend

While the stock is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. JHX.AX broke below the 100-day moving average at 22.72 today for the first time since July 3, 2017.

Order Flow

Trading close to March's low at 21.88 we might see further downside momentum if potential sell stops at the level get activated.

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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