AAL.L falls to lowest close since August 2nd
Anglo American plc (AAL.L) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, AAL.L ended the week -1.49% lower at 1667.60 after losing £44.00 (-2.57%) today. Today's closing price of 1667.60 marks the lowest close since August 2nd. Trading £17.80 higher after the open, Anglo American was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 1711.00, the market confirms its breakout through the previous session's low having traded £56.80 below it intraday.
Daily Candlestick Chart (AAL.L as at Aug 10, 2018):
Friday's trading range was £47.20 (2.8%), that's slightly below last trading month's daily average range of £49.51. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
After trading as low as 1654.20 during the day, the share bounced off the key support level at 1663.20. The failure to close below the support might increase that levels importance as support going forward. After trading as low as 1654.20 during the day, the stock found support at the 200-day moving average at 1659.13.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. AAL.L broke below the 20-day moving average at 1679.20 today for the first time since August 2nd.
Selling could speed up should prices move below the close-by swing low at 1639.60 where further sell stops might get triggered. Further selling could move prices lower should the market test July's nearby low at 1580.60.