S32.AX finds buyers at key support level
South32 Ltd (S32.AX) Technical Analysis Report for May 18, 2018 | by Techniquant Editorial Team
S32.AX finished the week 1.78% higher at 4.01 after losing A$0.02 (-0.5%) today. 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 (S32.AX as at May 18, 2018):
Friday's trading range was A$0.10 (2.49%), that's 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 below average.
After moving higher in the previous session, the share closed lower but above the prior day's open today, forming a bearish Harami Candle.
After trading as low as 3.94 during the day, the stock bounced off the key support level at 3.99. The failure to close below the support might increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 4.07 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 3.90 where further sell stops might get activated.