ABC.AX runs into sellers again around 6.25

Adelaide Brighton (ABC.AX) Technical Analysis Report for Sep 14, 2018

Highlights

ABC.AX runs into sellers again around 6.25

TQ Sentiment

Report Sentiment: 50% Bearish
Technical Forecast:

Overview

ABC.AX finished the week 0.65% higher at 6.23 after losing A$0.01 (-0.16%) today.

Daily chart for ABC.AX

Volatility

Friday's trading range was A$0.04 (0.64%), that's below last trading month's daily average range of A$0.11. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to the key resistance level at 6.29. After having been unable to move above 6.26 in the previous session, Adelaide Brighton ran into sellers again around the same price level today, failing to move higher than 6.25.

Trend

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

Order Flow

Buying might speed up should prices move above the nearby swing high at 6.29 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 6.19 where further sell stops could get activated.

Conclusion

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

Market Conditions for Adelaide Brighton

Condition Forecast Direction Win Rate Exit Day Events
Closed above last periods high TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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