AHG.AX finds buyers at key support level
AHG.AX ended the week 1.57% higher at 2.58 after losing A$0.03 (-1.15%) today. Closing below Thursday's low at 2.60, Automotive Holdings confirms its breakout through the prior session's low having traded A$0.06 below it intraday.
Friday's trading range was A$0.10 (3.82%), that's slightly above last trading month's daily average range of A$0.10. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average.
After trading as low as 2.54 during the day, the market bounced off the key support level at 2.54. The failure to close below the support might increase that levels importance as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 2.52 where further sell stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
Market Conditions for Automotive Holdings
|4 Consecutive Higher Closes||TQ Pro Members Only|
|Bullish Spinning Top||TQ Pro Members Only|
|Bullish Intraday Reversal||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
|Bounced off Technical Resistance R1||TQ Pro Members Only|
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