AGL.AX finds buyers again around 21.29

AGL Energy Ltd (AGL.AX) Technical Analysis Report for May 17, 2018

Highlights

AGL.AX finds buyers at key support level
AGL.AX pushes through 50-day moving average
AGL.AX fails to close above 20-day moving average
AGL.AX finds buyers again around 21.29
AGL.AX closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

AGL.AX ended Thursday at 21.51 gaining A$0.17 (0.8%) on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily chart for AGL.AX

Volatility

Thursday's trading range was A$0.33 (1.55%), that's below last trading month's daily average range of A$0.40. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Support/Resistance

After trading as low as 21.29 during the day, AGL Energy bounced off the key support level at 21.33. 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 21.64. After having been unable to move lower than 21.30 in the previous session, the market found buyers again around the same price level today at 21.29. After spiking up to 21.62 during the day, the stock found resistance at the 20-day moving average at 21.57.

Trend

The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. AGL.AX managed to break above the 50-day moving average at 21.47 today for the first time since April 27th.

Conclusion

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

Market Conditions for AGL Energy Ltd

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