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AMC.AX snaps to lowest close since May 10th


Technical Analysis Report for AMC.AX - May 17, 2018 [1 min read]
Highlights
AMC.AX finds buyers at key support level
AMC.AX finds support at 20-day moving average
AMC.AX finds buyers again around 13.74
AMC.AX falls to lowest close since May 10th
AMC.AX closes within previous day's range
TQ Sentiment
Technical Forecast:
Overview

AMC.AX finished Thursday at 13.83 losing A$0.12 (-0.86%) on low volume. Today's closing price of 13.83 marks the lowest close since May 10th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.

Daily chart for AMC.AX
Volatility

Thursday's trading range was A$0.20 (1.43%), that's slightly below last trading month's daily average range of A$0.21. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving higher in the previous session, the stock closed lower but above the prior day's open today, forming a bearish Harami Candle.

Support/Resistance

After trading as low as 13.74 during the day, the share bounced off the key support level at 13.77. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 13.99. After having been unable to move lower than 13.70 in the previous session, Amcor Ltd found buyers again around the same price level today at 13.74. After trading as low as 13.74 during the day, the market found support at the 20-day moving average at 13.76.

Trend

Although AMC.AX is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 13.70 where further sell stops might get activated.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Support S1 TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Bearish Harami Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

AMC.AX breaks key support level

May 18, 2018
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