ABP.AX breaks key support level


Abacus Property Group Units/ Stapled Securities (ABP.AX) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
ABP.AX breaks key support level
ABP.AX dominated by bears dragging the market lower throughout the day
ABP.AX breaks below 100-day moving average
ABP.AX closes lower for the 2nd day in a row
ABP.AX breaks below previous session low
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

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 chart for ABP.AX
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

Selling could speed up should prices move below the nearby swing low at 3.65 where further sell stops might get triggered.

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 Abacus Property Group Units/ Stapled Securities
Condition Forecast Direction Win Avg Worst Best Events
Bullish Engulfing Candle TQ Pro Members Only
Bullish Break through SMA 100 TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Strong Up Move TQ Pro Members Only
Bullish Belt-hold TQ Pro Members Only
More market conditions identified for TQ Pro members...
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