AGL.AX breaks key support level
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.
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.
Even with a strong opening AGL Energy closed below the previous day's open and close, forming a bearish Engulfing Candle.
Breaking below the key support level at 21.33 today, it is now likely to act as resistance going forward.
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.
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.
Report Market Conditions
|Price broke through Technical Support S1||TQ Pro Members Only|
|Bearish Break through SMA 50||TQ Pro Members Only|
|Decisive Down Move||TQ Pro Members Only|
|Bearish Engulfing Candle||TQ Pro Members Only|
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