A2M.AX breaks key support level
The a2 Milk Company (A2M.AX) Technical Analysis Report for Jul 13, 2018
Moving lower for the 2nd day in a row, A2M.AX ended the week -2.09% lower at 10.29 after losing A$0.21 (-2.0%) today on high volume. Today's closing price of 10.29 marks the lowest close since June 6th. Closing below Thursday's low at 10.38, The a2 confirms its breakout through the prior session's low having traded A$0.16 below it intraday.
Friday's trading range was A$0.26 (2.49%), that's below last trading month's daily average range of A$0.33. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Breaking below the key support level at 10.35 today, it is now likely to act as resistance going forward.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
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