OSH.AX runs into sellers around 8.85 for the third day in a row
Oil Search Ltd (OSH.AX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
OSH.AX ended the week 4.63% higher at 8.81 after gaining A$0.08 (0.92%) today on low volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range.
Daily Candlestick Chart (OSH.AX as at Sep 14, 2018):
Friday's trading range was A$0.14 (1.61%), that's slightly above last trading month's daily average range of A$0.14. Weekly volatility is also higher, being above the markets average with the monthly volatility being way above average. Prices continued to consolidate within a tight trading range between 8.66 and 8.85 which it has been in now for the last three days.
Unable to break through the key technical resistance level at 8.84, the share closed below it after spiking as high as 8.85 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. The market ran into sellers again today around 8.85 for the third trading day in a row after having found sellers at 8.84 in the previous session and at 8.83 two days ago. After spiking up to 8.85 during the day, the stock found resistance at the 20-day moving average at 8.84.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
As prices are trading close to September's high at 9.00, upside momentum could speed up should Oil Search mark new highs for the month.