S32.AX dominated by bulls lifting the market higher throughout the day


South32 Ltd (S32.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
S32.AX finds buyers around 3.75 for the third day in a row
S32.AX dominated by bulls lifting the market higher throughout the day
S32.AX fails to close above 20-day moving average
S32.AX ends the day on a bullish note closing near the high of the day
S32.AX pushes through previous session high
TQ Sentiment
Technical Forecast:
Overview

S32.AX ended Thursday at 3.81 gaining A$0.05 (1.33%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 3.80, the stock confirms its breakout through the prior session's high having traded A$0.02 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for S32.AX
Volatility

Thursday's trading range was A$0.07 (1.86%), that's slightly below last trading month's daily average range of A$0.08. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Price Action

Regardless of a weak opening South32 Ltd managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

The share found buyers again today around 3.75 for the third trading day in a row after having found demand at 3.74 in the prior session and at 3.74 two days ago. After spiking up to 3.82 during the day, the market found resistance at the 20-day moving average at 3.81.

Trend

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

Order Flow

As prices are trading close to June's low at 3.72, downside momentum could speed up should S32.AX mark new lows for the month.

Conclusion

Even though both sentiments are bullish for the next trading day, our quantitative statistics are only bullish while the classical technical analysis metrics show a very bullish sentiment.

Market Conditions for South32 Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
3 Consecutive Lower Closes TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Price broke through Technical Support S1 TQ Pro Members Only
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