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ALL unable to break through key resistance level


Technical Analysis Report for ALL - Apr 16, 2018 [1 min read]
Highlights
ALL closes above its opening price after recovering from early selling pressure
ALL unable to break through key resistance level
ALL runs into sellers again around 97.93
ALL rises to highest close since February 1st
ALL still stuck within tight trading range
TQ Sentiment
Technical Forecast:
Overview

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.

Daily chart for ALL
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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.

Order Flow

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.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Resistance R1 TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bullish Harami Candle TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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