ORG.AX closes within prior day's range after lackluster session


Origin Energy Ltd (ORG.AX) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
ORG.AX closes higher for the 2nd day in a row
ORG.AX runs into sellers again around 9.82
ORG.AX closes within previous day's range after lackluster session
ORG.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 20% Bearish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, ORG.AX ended Thursday at 9.78 gaining A$0.05 (0.51%) on low volume. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. 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

Thursday's trading range was A$0.10 (1.02%), that's far below last trading month's daily average range of A$0.17. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Support/Resistance

After having been unable to move above 9.81 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 9.82.

Trend

Though Origin Energy is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

Order Flow

Selling might accelerate should prices move below the nearby swing low at 9.60 where further sell stops could get triggered.

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 Intraday Reversal TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close below the lower Bollinger Band TQ Pro Members Only
Bullish Hikkake Pattern TQ Pro Members Only
More market conditions identified for TQ Pro members...
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