ORE.AX ends the day on a bullish note closing near the high of the day


Orocobre Limited (ORE.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
ORE.AX pushes through key resistance level
ORE.AX dominated by bulls lifting the market higher throughout the day
ORE.AX ends the day on a bullish note closing near the high of the day
ORE.AX pushes through previous session high
TQ Sentiment
Report Sentiment: 100% Bullish
Technical Forecast:
Overview

ORE.AX ended Thursday at 5.23 gaining A$0.28 (5.66%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 5.03, the share confirms its breakout through the prior session's high having traded A$0.20 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for ORE.AX
Volatility

Thursday's trading range was A$0.28 (5.66%), that's above last trading month's daily average range of A$0.23. Weekly volatility is also higher, being above the markets average with the monthly volatility being way above average.

Price Action

Notwithstanding a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Breaking through the key resistance level at 5.08 today, it is now likely to act as support going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

With prices trading close to this year's low at 4.74, downside momentum might speed up should Orocobre Limited break out to new lows for the year.

Conclusion

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

Market Conditions for Orocobre Limited
Condition Forecast Direction Win Avg Worst Best Events
RSI(2) below 20 TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
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