AAL.L stuck within tight trading range
Anglo American plc (AAL.L) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
AAL.L ended the week -2.59% lower at 1657.20 after edging lower £2.40 (-0.14%) today. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (AAL.L as at Jul 13, 2018):
Friday's trading range was £50.20 (2.99%), that's slightly above last trading month's daily average range of £49.67. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 1634.80 and 1685.00 which it has been in now for the last three days.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar.
Prices are trading close to a key support level at 1624.00. Prices are trading close to the key resistance level at 1670.80.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Further selling might move prices lower should the market test June's close-by low at 1615.20.