ALL breaks below prior session low
Allstate Corp (ALL) Technical Analysis Report for May 17, 2018
Moving lower for the 2nd day in a row, ALL ended Thursday at 95.00 losing $0.62 (-0.65%). Today's closing price of 95.00 marks the lowest close since May 4th. Closing below Wednesday's low at 95.20, the share confirms its breakout through the prior session's low having traded $0.36 below it intraday.
Thursday's trading range was $0.69 (0.72%), that's below last trading month's daily average range of $1.62. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Breaking below the key support level at 95.09 today, it is now likely to act as resistance going forward.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could speed up should prices move above the nearby swing high at 96.36 where further buy 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 bullish.