ORI.AX ends the day indecisive
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.
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.
Prices are trading close to a key support level at 18.73.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Further buying might move prices higher should the market test March's nearby high at 19.02.
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
|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|
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