ALQ.AX dominated by bears dragging the market lower throughout the day


Als Limited (ALQ.AX) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
ALQ.AX dominated by bears dragging the market lower throughout the day
ALQ.AX ends the day on a bearish note closing near the low of the day
ALQ.AX breaks below previous session low
TQ Sentiment
Report Sentiment: 83% Bearish
Technical Forecast:
Overview

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 chart for ALQ.AX
Volatility

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.

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 bearish Outside Bar. Regardless of a strong opening Als Limited closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 8.84.

Trend

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

Conclusion

Even though both sentiments are bearish for the next trading day, our quantitative statistics are only bearish while the classical technical analysis metrics show a very bearish sentiment.

Market Conditions for Als Limited
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
High close to previous High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

ALQ.AX stuck within tight trading range

Aug 15, 2018
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