OZL.AX finds buyers again around 8.55
OZ Minerals (OZL.AX) Technical Analysis Report for Oct 12, 2018
OZL.AX ended the week -6.89% lower at 8.79 after gaining $0.22 (2.57%) today, significantly outperforming the market (ASX 200, 0.2%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 8.64, OZ Minerals confirms its breakout through the prior session's high having traded $0.17 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (OZL.AX as at Oct 12, 2018):
Friday's trading range was $0.26 (3.02%), that's slightly above last trading month's daily average range of $0.26. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly above average.
One bullish candlestick pattern matches today's price action, the White Candle.
Breaking through the key resistance level at 8.75 today, it is now likely to act as support going forward. The last time this happened on September 19th, OZL.AX gained 3.18% on the following trading day. Prices are trading close to the key resistance level at 8.98. After having been unable to move lower than 8.51 in the previous session, the share found buyers again around the same price level today at 8.55.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the nine market conditions that our engine recognized today, the statistics for the Price Action based condition "Decisive Up Move" stands out. Although it is usually interpreted being bullish, it has actually shown to be bearish so far in the past for OZ Minerals. Out of 316 times during the last ten years, OZL.AX closed lower 52.85% of the time on the next trading day.