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

Highlights

OSH.AX runs into sellers around 8.85 for the third day in a row
OSH.AX unable to break through key resistance level
OSH.AX fails to close above 20-day moving average
OSH.AX stuck within tight trading range
OSH.AX closes within previous day's range

TQ Sentiment

Report Sentiment: 60% Bearish
Technical Forecast:

Overview

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 chart for OSH.AX

Volatility

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.

Support/Resistance

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.

Trend

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

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.

Conclusion

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

Market Conditions for Oil Search Ltd

Condition Forecast Direction Win Rate Exit Day Events
Close near low of period TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bearish Bounce off SMA 20 TQ Pro Members Only
Bullish Bounce off SMA 100 TQ Pro Members Only
Bearish Break through SMA 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
Learn more about TQ Pro
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Oil Search Ltd traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Market Movers

Related Stocks

BPT.AX 10 day candlestick chart for BPT.AX 1.91 -0.05 (-2.55%)
CTX.AX 10 day candlestick chart for CTX.AX 29.48 -0.21 (-0.71%)
ORG.AX 10 day candlestick chart for ORG.AX 8.11 -0.24 (-2.87%)
OSH.AX 10 day candlestick chart for OSH.AX 8.68 -0.17 (-1.92%)
STO.AX 10 day candlestick chart for STO.AX 6.95 -0.13 (-1.84%)
WOR.AX 10 day candlestick chart for WOR.AX 19.94 -0.71 (-3.44%)
WPL.AX 10 day candlestick chart for WPL.AX 36.65 -0.42 (-1.13%)
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!