ABP.AX breaks key support level
Abacus Property Group Units/ Stapled Securities (ABP.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ABP.AX ended the week -1.87% lower at 3.68 after losing A$0.06 (-1.6%) today. Today's closing price of 3.68 marks the lowest close since August 1st. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 3.72, the stock confirms its breakout through the previous session's low having traded A$0.06 below it intraday.
Daily Candlestick Chart (ABP.AX as at Aug 10, 2018):
Friday's trading range was A$0.09 (2.4%), that's far above last trading month's daily average range of A$0.07. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 3.65. Breaking below the key support level at 3.71 today, it is now likely to act as resistance going forward.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already. The share broke below the 100-day moving average at 3.71 today for the first time since August 1st.
Selling could speed up should prices move below the nearby swing low at 3.65 where further sell stops might get triggered.