ORG.AX rises to highest close since August 21st
Origin Energy Ltd (ORG.AX) Technical Analysis Report for Sep 14, 2018
ORG.AX finished the week 7.9% higher at 8.33 after gaining A$0.09 (1.09%) today on low volume. Today's closing price of 8.33 marks the highest close since August 21st. Trading up to A$0.09 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 8.30, the share confirms its breakout through the previous session's high having traded A$0.07 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was A$0.21 (2.55%), that's above last trading month's daily average range of A$0.18. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being way below average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
Unable to break through the key technical resistance level at 8.35, the stock closed below it after spiking as high as 8.37 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
While Origin Energy is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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