ABC.AX runs into sellers again around 6.25
Adelaide Brighton (ABC.AX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
ABC.AX finished the week 0.65% higher at 6.23 after losing A$0.01 (-0.16%) today.
Daily Candlestick Chart (ABC.AX as at Sep 14, 2018):
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
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.