ORG.AX breaks key support level


Origin Energy Ltd (ORG.AX) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
ORG.AX crashes, loses A$0.22 (-2.23%) within a single day
ORG.AX breaks key support level
ORG.AX dominated by bears dragging the market lower throughout the day
ORG.AX breaks below 50-day moving average
ORG.AX closes lower for the 3rd day in a row
TQ Sentiment
Report Sentiment: 58% Bearish
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, ORG.AX ended the week -1.43% lower at 9.63 after tanking A$0.22 (-2.23%) today on low volume. This is the biggest single day loss in over four weeks. Today's closing price of 9.63 marks the lowest close since August 2nd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 9.64, the market confirms its breakout through the prior session's low having traded A$0.02 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 ORG.AX
Volatility

Friday's trading range was A$0.30 (3.03%), that's far above last trading month's daily average range of A$0.19. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being below average.

Price Action

Notwithstanding a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 9.58. Breaking below the key support level at 9.76 today, it is now likely to act as resistance going forward. After having been unable to move lower than 9.64 in the prior session, the share found buyers again around the same price level today at 9.62.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. Origin Energy broke below the 50-day moving average at 9.74 today for the first time since August 1st.

Order Flow

Selling could speed up should prices move below the nearby swing low at 9.55 where further sell stops might get activated.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a slightly bearish sentiment for the next trading day.

Market Conditions for Origin Energy Ltd
Condition Forecast Direction Win Avg Worst Best Events
Southern Doji TQ Pro Members Only
3 Consecutive Lower Closes TQ Pro Members Only
Doji TQ Pro Members Only
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