ABC.AX closes above its opening price after recovering from early selling pressure


Adelaide Brighton (ABC.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
ABC.AX closes above its opening price after recovering from early selling pressure
ABC.AX closes lower for the 2nd day in a row
ABC.AX falls to lowest close since June 5th
ABC.AX closes within previous day's range after lackluster session
ABC.AX ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

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.

Daily chart for ABC.AX
Volatility

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.

Trend

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

Conclusion

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
ConditionForecastDirectionWinAvgWorstBestEvents
Long-Legged Doji TQ Pro Members Only
Doji TQ Pro Members Only
High close to previous High TQ Pro Members Only
3 Consecutive Higher Closes TQ Pro Members Only
Northern Doji TQ Pro Members Only
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