ORG.AX unable to break through key resistance level


Origin Energy Ltd (ORG.AX) Technical Analysis Report for Apr 17, 2018 [< 1 min read]
Highlights
ORG.AX rallies 2.21% closing A$0.20 higher
ORG.AX unable to break through key resistance level
ORG.AX closes higher for the 5th day in a row
ORG.AX pushes through previous session high
ORG.AX rises to highest close since February 21st
TQ Sentiment
Report Sentiment: 42% Bullish
Technical Forecast:
Overview

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.

Daily chart for ORG.AX
Volatility

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.

Support/Resistance

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.

Trend

The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Conclusion

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

Market Conditions for Origin Energy Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Bounce off SMA 50 TQ Pro Members Only
Very Strong Up Move TQ Pro Members Only
Bullish Break through SMA 100 TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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