AGL.AX closes above its opening price after recovering from early selling pressure


AGL Energy Ltd (AGL.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
AGL.AX closes above its opening price after recovering from early selling pressure
AGL.AX finds buyers at key support level
AGL.AX pushes through 50-day moving average
AGL.AX finds support at 100-day moving average
AGL.AX closes higher for the 2nd day in a row
TQ Sentiment
Report Sentiment: 62% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, AGL.AX finished the week -5.36% lower at 21.91 after gaining A$0.21 (0.97%) today. Trading up to A$0.19 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 21.74, the share confirms its breakout through the prior session's high having traded A$0.26 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for AGL.AX
Volatility

Friday's trading range was A$0.35 (1.6%), that's slightly below last trading month's daily average range of A$0.39. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly above average.

Support/Resistance

After trading as low as 21.65 during the day, the stock bounced off the key support level at 21.70. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 22.09. After trading as low as 21.65 during the day, AGL Energy found support at the 100-day moving average at 21.65.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. AGL.AX managed to break above the 50-day moving average at 21.87 today for the first time since June 13th.

Conclusion

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

Market Conditions for AGL Energy Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
White Candle TQ Pro Members Only
Bullish Break through SMA 100 TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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