ABC.AX runs into sellers again around 6.25

Overview

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

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.