OSH.AX unable to break through key resistance level
Oil Search Ltd (OSH.AX) Technical Analysis Report for May 18, 2018
OSH.AX ended the week 0.59% higher at 8.55 after flat today on low volume. Trading A$0.07 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (OSH.AX as at May 18, 2018):
Friday's trading range was A$0.10 (1.17%), that's slightly below last trading month's daily average range of A$0.12. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Unable to break through the key technical resistance level at 8.57, the share closed below it after spiking as high as 8.64 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 8.45 where further sell stops might get activated.