ORG.AX pushes through previous session high
Origin Energy Ltd (ORG.AX) Technical Analysis Report for May 18, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ORG.AX ended the week 2.54% higher at 10.10 after surging A$0.32 (3.27%) today on high volume. This is the biggest single day gain in over three months. Today's closing price of 10.10 marks the highest close since August 13, 2015. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 9.82, the share confirms its breakout through the prior session's high having traded A$0.36 above it intraday.
Daily Candlestick Chart (ORG.AX as at May 18, 2018):
Friday's trading range was A$0.28 (2.83%), that's far above last trading month's daily average range of A$0.18. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly below average.
Breaking through the key resistance level at 10.00 today, it is now likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.