NFX closes above its opening price after recovering from early selling pressure


Newfield Exploration Co (NFX) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
NFX closes above its opening price after recovering from early selling pressure
NFX finds buyers at key support level
NFX pushes through previous session high
NFX rises to highest close since May 1st
NFX ends the day indecisive
TQ Sentiment
Report Sentiment: 60% Bullish
Technical Forecast:
Overview

NFX finished Thursday at 29.34 gaining $0.39 (1.35%). Today's closing price of 29.34 marks the highest close since May 1st. Trading up to $0.24 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 29.09, the market confirms its breakout through the previous session's high having traded $0.58 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for NFX
Volatility

Thursday's trading range was $0.59 (2.01%), that's below last trading month's daily average range of $0.99. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Support/Resistance

After trading as low as 29.08 during the day, the share bounced off the key support level at 29.13. The failure to close below the support might increase that levels importance as support going forward.

Trend

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Further buying could move prices higher should the market test April's close-by high at 30.39.

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 very bullish sentiment.

Market Conditions for Newfield Exploration Co
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
White Candle TQ Pro Members Only
Low close to previous low TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

NFX finds buyers again around 25.80

Aug 17, 2018
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