ORI.AX pushes through key resistance level
ORI.AX ended Thursday at 17.39 gaining A$0.07 (0.4%). Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Thursday's trading range was A$0.22 (1.27%), that's slightly below last trading month's daily average range of A$0.23. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being way below average.
Breaking through the key resistance level at 17.37 today, it is now likely to act as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for Orica Ltd
|Close to R1 Resistance||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
|Up Close near high of period||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
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