ALL unable to break through key resistance level
Allstate Corp (ALL) Technical Analysis Report for Apr 16, 2018
ALL finished Monday at 97.53 gaining $1.17 (1.21%). Today's closing price of 97.53 marks the highest close since February 1st. Trading up to $0.48 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.
Monday's trading range was $1.33 (1.37%), that's below last trading month's daily average range of $1.89. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 95.87 and 97.93 which it has been in now for the last trading week.
After moving lower in the prior session, the stock managed to close higher but below the previous day's open, forming a bullish Harami Candle.
Unable to break through the key technical resistance level at 97.81, the market closed below it after spiking as high as 97.93 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move above 97.69 in the prior session, ALL ran into sellers again around the same price level today, failing to move higher than 97.93.
While the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Selling could accelerate should prices move below the close-by swing low at 95.87 where further sell stops might get activated. Trading close to February's high at 99.56 we could see further upside momentum if potential buy stops at the level get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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