ALU.AX finds buyers again around 22.34
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Altium Limited
|Bullish Break through SMA 100||TQ Pro Members Only|
|Bearish Bounce off SMA 50||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Bullish Bounce off SMA 100||TQ Pro Members Only|
|6 Consecutive Higher Closes||TQ Pro Members Only|
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