ABF.L closes lower for the 4th day in a row


Associated British Foods (ABF.L) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
ABF.L closes below its opening price unable to hold early session gains
ABF.L closes lower for the 4th day in a row
ABF.L ends the day on a bearish note closing near the low of the day
ABF.L breaks below previous session low
ABF.L falls to lowest close since March 27th
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

Moving lower for the 4th day in a row, ABF.L finished the week -1.12% lower at 2464.00 after losing £18.00 (-0.73%) today. Today's closing price of 2464.00 marks the lowest close since March 27th. Trading £33.00 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 2477.00, the stock confirms its breakout through the previous session's low having traded £13.00 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for ABF.L
Volatility

Friday's trading range was £64.00 (2.57%), that's above last trading month's daily average range of £48.30. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way above average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.

Support/Resistance

Prices are trading close to a key support level at 2458.00.

Trend

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

Order Flow

Selling might accelerate should prices move below the nearby swing low at 2458.00 where further sell stops could get activated. With prices trading close to this year's low at 2386.00, downside momentum might speed up should Associated British break out to new lows for the year.

Conclusion

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

Market Conditions for Associated British Foods
ConditionForecastDirectionWinAvgWorstBestEvents
Closed below last periods low TQ Pro Members Only
Price broke through Technical Support S1 TQ Pro Members Only
5 Consecutive Lower Closes TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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