ORI.AX pushes through key resistance level


Orica Ltd (ORI.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
ORI.AX pushes through key resistance level
ORI.AX ends the day on a bullish note closing near the high of the day
ORI.AX closes within previous day's range
TQ Sentiment
Technical Forecast:
Overview

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.

Daily chart for ORI.AX
Volatility

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.

Support/Resistance

Breaking through the key resistance level at 17.37 today, it is now likely to act as support going forward.

Trend

The trend is clearly bearish, showing an intact downtrend 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 bearish.

Market Conditions for Orica Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Outside Bar TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Hanging Man TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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