ACM closes lower for the 2nd day in a row
AECOM (ACM) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ACM finished the week -0.03% lower at 33.63 after losing $0.10 (-0.3%) today on high volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ACM as at Aug 10, 2018):
Friday's trading range was $0.59 (1.77%), that's slightly below last trading month's daily average range of $0.72. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 32.98 and 34.18 which it has been in now for the last three days.
Prices are trading close to a key support level at 33.13. Prices are trading close to the key resistance level at 34.20. After trading as low as 33.23 during the day, the market found support at the 50-day moving average at 33.27.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the nearby swing high at 34.18 where further buy stops could get triggered.