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 | by Techniquant Editorial Team
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 Candlestick Chart (ORE.AX as at Jun 14, 2018):
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.
Notwithstanding a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
Breaking through the key resistance level at 5.08 today, it is now likely to act as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
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.