ABC.AX closes above its opening price after recovering from early selling pressure
Moving lower for the 2nd day in a row, ABC.AX finished Thursday at 6.70 losing A$0.01 (-0.15%). Today's closing price of 6.70 marks the lowest close since June 5th. Trading up to A$0.03 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was A$0.07 (1.05%), that's below last trading month's daily average range of A$0.09. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.
Market Conditions for Adelaide Brighton
|Close to R1 Resistance||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
|Bullish Spinning Top||TQ Pro Members Only|
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