ORG.AX pushes through previous session high


Origin Energy Ltd (ORG.AX) Technical Analysis Report for May 18, 2018 [< 1 min read]
Highlights
ORG.AX rallies 3.27% on high volume
ORG.AX pushes through key resistance level
ORG.AX dominated by bulls lifting the market higher throughout the day
ORG.AX closes higher for the 3rd day in a row
ORG.AX pushes through previous session high
TQ Sentiment
Report Sentiment: 66% Bullish
Technical Forecast:
Overview

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 chart for ORG.AX
Volatility

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.

Support/Resistance

Breaking through the key resistance level at 10.00 today, it is now likely to act as support going forward.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Conclusion

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

Market Conditions for Origin Energy Ltd
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bullish Break through SMA 50 TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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