AAD.AX fails to close above 20-day moving average
Ardent Leisure Group Ordinary/Units FP Stapled Sec (AAD.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
AAD.AX finished Thursday at 1.98 flat. Closing within the prior day's range, prices failed to decisively move past the previous 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 (AAD.AX as at Jun 14, 2018):
Thursday's trading range was A$0.04 (2.03%), that's slightly above last trading month's daily average range of A$0.04. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 1.94 and 2.00 which it has been in now for the last trading week.
The stock found buyers again today around 1.96 for the third trading day in a row after having found demand at 1.96 in the prior session and at 1.96 two days ago. After spiking up to 2.00 during the day, the market found resistance at the 20-day moving average at 2.00.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
As prices are trading close to June's high at 2.01, upside momentum might speed up should Ardent Leisure mark new highs for the month.