ALL.AX breaks key support level

Overview

Moving lower for the 4th day in a row, ALL.AX finished the week -2.33% lower at 28.91 after losing A$0.17 (-0.58%) today. Today's closing price of 28.91 marks the lowest close since May 23rd. Closing below Thursday's low at 29.04, the stock confirms its breakout through the prior session's low having traded A$0.84 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Volatility

Friday's trading range was A$0.86 (2.97%), that's far above last trading month's daily average range of A$0.60. Weekly volatility is also higher, being above the markets average with the monthly volatility being way above average.

Support/Resistance

Breaking below the key support level at 28.95 today, it is now likely to act as resistance going forward.

Trend

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Conclusion

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