OML.AX unable to break through key resistance level


Ooh!Media Limited (OML.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
OML.AX tanks -2.29% closing A$0.12 lower
OML.AX dominated by bears dragging the market lower throughout the day
OML.AX unable to break through key resistance level
OML.AX closes lower for the 2nd day in a row
OML.AX ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 62% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, OML.AX ended Thursday at 5.11 tanking A$0.12 (-2.29%). This is the biggest single day loss in over three weeks. Today's closing price of 5.11 marks the lowest close since May 7th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 5.19, the stock confirms its breakout through the previous session's low having traded A$0.09 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 OML.AX
Volatility

Thursday's trading range was A$0.13 (2.5%), that's slightly above last trading month's daily average range of A$0.12. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Support/Resistance

Prices are trading close to a key support level at 5.09. Unable to break through the key technical resistance level at 5.21, Ooh!Media Limited closed below it after spiking as high as 5.23 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.

Trend

Although the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

Conclusion

While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.

Market Conditions for Ooh!Media Limited
Condition Forecast Direction Win Avg Worst Best Events
Bearish Outside Bar TQ Pro Members Only
Bearish Bounce off SMA 50 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
RSI(2) below 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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