ALU.AX finds buyers again around 22.34
Altium Limited (ALU.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
ALU.AX ended Thursday at 22.56 gaining A$0.13 (0.58%). Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (ALU.AX as at Jun 14, 2018):
Thursday's trading range was A$0.58 (2.58%), that's slightly below last trading month's daily average range of A$0.67. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly 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 bullish Outside Bar.
Prices are trading close to the key resistance level at 22.94. After having been unable to move lower than 22.35 in the prior session, Altium Limited found buyers again around the same price level today at 22.34.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 23.05 where further buy stops could get triggered. With prices trading close to this year's high at 23.28, upside momentum might speed up should the market be able to break out to new highs for the year.