AHG.AX finds buyers at key support level
Automotive Holdings (AHG.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
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.
Daily Candlestick Chart (AHG.AX as at Jul 13, 2018):
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.