A2M.AX breaks key support level


The a2 Milk Company (A2M.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
A2M.AX breaks key support level
A2M.AX closes lower for the 2nd day in a row
A2M.AX breaks below previous session low
A2M.AX falls to lowest close since June 6th
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

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.

Daily chart for A2M.AX
Volatility

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.

Support/Resistance

Breaking below the key support level at 10.35 today, it is now likely to act as resistance going forward.

Trend

Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Conclusion

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

Market Conditions for The a2 Milk Company
ConditionForecastDirectionWinAvgWorstBestEvents
Black Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
4 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Price broke through Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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