AAD.AX finds buyers at key support level
Ardent Leisure Group Ordinary/Units FP Stapled Sec (AAD.AX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, AAD.AX ended the week -2.75% lower at 1.77 after losing A$0.01 (-0.56%) today. Today's closing price of 1.77 marks the lowest close since August 17th. Trading up to A$0.02 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing below Thursday's low at 1.78, the market confirms its breakout through the previous session's low having traded A$0.04 below it intraday. 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 Sep 14, 2018):
Friday's trading range was A$0.05 (2.84%), 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 below average.
After trading as low as 1.74 during the day, Ardent Leisure bounced off the key support level at 1.75. The failure to close below the support might increase that levels importance as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 1.68, downside momentum could speed up should the stock break out to new lows for the year.