ORI.AX pushes through key resistance level

Orica Ltd (ORI.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team


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


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 Candlestick Chart (ORI.AX as at Jun 14, 2018):

Daily technical analysis candlestick chart for Orica Ltd (ORI.AX) as at Jun 14, 2018

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.

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