ORG.AX closes within prior day's range after lackluster session
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.
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.
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.
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.
Selling might accelerate should prices move below the nearby swing low at 9.60 where further sell stops could get triggered.
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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|High close to previous High||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
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