AGL.AX breaks key support level

AGL Energy Ltd (AGL.AX) Technical Analysis Report for May 18, 2018

Highlights

AGL.AX breaks key support level
AGL.AX dominated by bears dragging the market lower throughout the day
AGL.AX breaks below 50-day moving average
AGL.AX falls to lowest close since April 26th

TQ Sentiment

Report Sentiment: 80% Bearish
Technical Forecast:

Overview

AGL.AX finished the week -3.05% lower at 21.29 after losing A$0.22 (-1.02%) today on low volume. Today's closing price of 21.29 marks the lowest close since April 26th. The bears were in full control today, moving the market lower throughout the whole session.

Daily chart for AGL.AX

Volatility

Friday's trading range was A$0.34 (1.58%), that's below last trading month's daily average range of A$0.39. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Price Action

Even with a strong opening AGL Energy closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Breaking below the key support level at 21.33 today, it is now likely to act as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. The stock broke below the 50-day moving average at 21.46 today for the first time since May 16th.

Conclusion

Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only bearish while our quantitative statistics show a very bearish sentiment.

Market Conditions for AGL Energy Ltd

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