OSH.AX finds buyers at key support level
Oil Search Ltd (OSH.AX) Technical Analysis Report for Apr 17, 2018
Moving higher for the 5th day in a row, OSH.AX finished Tuesday at 7.69 gaining A$0.07 (0.92%). Today's closing price of 7.69 marks the highest close since February 2nd. Closing above Saturday's high at 7.67, the market confirms its breakout through the previous session's high having traded A$0.11 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$0.13 (1.69%), that's slightly above last trading month's daily average range of A$0.13. Weekly volatility is also higher, being way above the markets average with the monthly volatility being above average.
After trading as low as 7.65 during the day, Oil Search bounced off the key support level at 7.67. The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Trading close to February's high at 7.83 we might see further upside momentum if potential buy stops at the level get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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