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OSH.AX finds buyers at key support level


Technical Analysis Report for OSH.AX - Apr 17, 2018 [< 1 min read]
Highlights
OSH.AX finds buyers at key support level
OSH.AX closes higher for the 5th day in a row
OSH.AX pushes through previous session high
OSH.AX rises to highest close since February 2nd
OSH.AX ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

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.

Daily chart for OSH.AX
Volatility

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.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Trading close to February's high at 7.83 we might see further upside momentum if potential buy stops at the level get triggered.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Support S1 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
5 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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