ALL.AX bounces off lows recouping most intraday losses


Aristocrat Leisure (ALL.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
ALL.AX bounces off lows recouping most intraday losses
ALL.AX closes above its opening price after recovering from early selling pressure
ALL.AX finds buyers at key support level
ALL.AX closes higher for the 3rd day in a row
ALL.AX ends the day on a bullish note closing near the high of the day
TQ Sentiment
Report Sentiment: 75% Bullish
Technical Forecast:
Overview

Moving higher for the 3rd day in a row, ALL.AX ended the week 2.14% higher at 31.54 after gaining A$0.28 (0.9%) today. Today's closing price of 31.54 marks the highest close since June 21st. Trading up to A$0.39 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 31.41, the market confirms its breakout through the previous session's high having traded A$0.18 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for ALL.AX
Volatility

Friday's trading range was A$0.58 (1.85%), that's slightly below last trading month's daily average range of A$0.64. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. Although trading as low as 31.01 during the day, Aristocrat Leisure has decisively rejected those price levels and formed a bullish Pin Bar closing A$0.53 above today's low.

Support/Resistance

After trading as low as 31.01 during the day, the share bounced off the key support level at 31.32. The failure to close below the support could increase that levels importance as support going forward.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

With prices trading close to this year's high at 32.05, upside momentum might accelerate should ALL.AX be able to break out to new highs for the year.

Conclusion

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

Market Conditions for Aristocrat Leisure
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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