ORI.AX ends the day indecisive


Orica Ltd (ORI.AX) Technical Analysis Report for Apr 17, 2018 [< 1 min read]
Highlights
ORI.AX closes below its opening price unable to hold early session gains
ORI.AX closes higher for the 2nd day in a row
ORI.AX pushes through previous session high
ORI.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 40% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, ORI.AX ended Tuesday at 18.80 gaining A$0.09 (0.48%) on low volume. Trading A$0.11 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing above Saturday's high at 18.78, the stock confirms its breakout through the prior session's high having traded A$0.16 above it intraday. 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

Tuesday's trading range was A$0.19 (1.01%), that's below last trading month's daily average range of A$0.25. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 18.73.

Trend

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Further buying might move prices higher should the market test March's nearby high at 19.02.

Conclusion

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