ORG.AX unable to break through key resistance level
Origin Energy Ltd (ORG.AX) Technical Analysis Report for Apr 17, 2018
Moving higher for the 5th day in a row, ORG.AX ended Tuesday at 9.23 surging A$0.20 (2.21%). This is the biggest single day gain in over four weeks. Today's closing price of 9.23 marks the highest close since February 21st. Closing above Saturday's high at 9.06, the stock confirms its breakout through the prior session's high having traded A$0.30 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Tuesday's trading range was A$0.25 (2.73%), that's far above last trading month's daily average range of A$0.18. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 9.08. Unable to break through the key technical resistance level at 9.32, Origin Energy closed below it after spiking as high as 9.36 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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