ORI.AX closes above its opening price after recovering from early selling pressure


Orica Ltd (ORI.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
ORI.AX closes above its opening price after recovering from early selling pressure
ORI.AX finds support at 20-day moving average
ORI.AX closes within previous day's range after lackluster session
ORI.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 42% Bullish
Technical Forecast:
Overview

ORI.AX ended the week 0.56% higher at 17.87 after losing A$0.10 (-0.56%) today. Trading up to A$0.14 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for ORI.AX
Volatility

Friday's trading range was A$0.20 (1.12%), that's below last trading month's daily average range of A$0.24. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 17.85. After trading as low as 17.70 during the day, the market found support at the 20-day moving average at 17.84.

Trend

Although the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying might speed up should prices move above the nearby swing high at 18.06 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 17.69 where further sell stops could get activated. Further buying might move prices higher should the market test June's nearby high at 18.22.

Conclusion

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

Market Conditions for Orica Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Intraday Reversal TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
Bearish Spinning Top TQ Pro Members Only
More market conditions identified for TQ Pro members...
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