ALQ.AX dominated by bears dragging the market lower throughout the day
Als Limited (ALQ.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
ALQ.AX ended the week 4.29% higher at 8.99 after losing A$0.28 (-3.02%) today. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 9.10, the stock confirms its breakout through the previous session's low having traded A$0.14 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (ALQ.AX as at Aug 10, 2018):
Friday's trading range was A$0.44 (4.7%), that's far above last trading month's daily average range of A$0.21. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being way above average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar. Regardless of a strong opening Als Limited closed below the prior day's open and close, forming a bearish Engulfing Candle.
Prices are trading close to a key support level at 8.84.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.