ORG.AX rises to highest close since August 21st

Origin Energy Ltd (ORG.AX) Technical Analysis Report for Sep 14, 2018

Highlights

ORG.AX closes above its opening price after recovering from early selling pressure
ORG.AX unable to break through key resistance level
ORG.AX ends the day on a bullish note closing near the high of the day
ORG.AX pushes through previous session high
ORG.AX rises to highest close since August 21st

TQ Sentiment

Report Sentiment: 66% Bullish
Technical Forecast:

Overview

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.

Daily chart for ORG.AX

Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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.

Conclusion

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

Market Conditions for Origin Energy Ltd

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