AAL.L stuck within tight trading range


Anglo American plc (AAL.L) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
AAL.L stuck within tight trading range
AAL.L closes within previous day's range
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

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 chart for AAL.L
Volatility

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.

Price Action

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.

Support/Resistance

Prices are trading close to a key support level at 1624.00. Prices are trading close to the key resistance level at 1670.80.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Further selling might move prices lower should the market test June's close-by low at 1615.20.

Conclusion

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

Market Conditions for Anglo American plc
ConditionForecastDirectionWinAvgWorstBestEvents
Black Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bearish Short Candle TQ Pro Members Only
Bullish Bounce off SMA 200 TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

AAL.L finds buyers at key support level

Jul 16, 2018
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