S32.AX pops to highest close since Inception

South32 Ltd (S32.AX) Technical Analysis Report for May 17, 2018

Highlights

S32.AX pushes through key resistance level
S32.AX closes higher for the 2nd day in a row
S32.AX pushes through previous session high
S32.AX rises to highest close since Inception

TQ Sentiment

Report Sentiment:
50% Bullish
Technical Forecast:
TQ Pro Only
See the overall Technical Analysis forecast for today.

Overview

Moving higher for the 2nd day in a row, S32.AX ended Thursday at 4.03 gaining A$0.06 (1.51%). Today's closing price of 4.03 marks the highest close since Inception. Closing above Wednesday's high at 4.01, the share confirms its breakout through the prior session's high having traded A$0.06 above it intraday.

Daily chart for S32.AX

Volatility

Thursday's trading range was A$0.11 (2.77%), that's far above last trading month's daily average range of A$0.08. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average.

Support/Resistance

Breaking through the key resistance level at 3.99 today, it is now likely to act as support going forward.

Trend

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

Conclusion

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

Market Conditions for South32 Ltd

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