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


APA Group (APA.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
APA.AX dominated by bears dragging the market lower throughout the day
APA.AX finds buyers at key support level
APA.AX closes lower for the 6th day in a row
APA.AX breaks below previous session low
APA.AX falls to lowest close since June 14th
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

Moving lower for the 6th day in a row, APA.AX finished the week -4.36% lower at 9.66 after losing A$0.14 (-1.43%) today. Today's closing price of 9.66 marks the lowest close since June 14th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 9.76, the share confirms its breakout through the prior session's low having traded A$0.16 below it intraday.

Daily chart for APA.AX
Volatility

Friday's trading range was A$0.23 (2.34%), that's far above last trading month's daily average range of A$0.14. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being way below average.

Support/Resistance

After trading as low as 9.60 during the day, APA Group bounced off the key support level at 9.64. The failure to close below the support might increase that levels importance as support going forward.

Trend

While the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

Conclusion

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 APA Group
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
Tweezer Bottom TQ Pro Members Only
Bullish Doji Star TQ Pro Members Only
Doji TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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