OML.AX unable to break through key resistance level
Ooh!Media Limited (OML.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (OML.AX as at Jun 14, 2018):
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.
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.
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.