APA.AX breaks below previous session low


Technical Analysis Report for APA.AX - May 17, 2018 [< 1 min read]
Highlights
APA.AX breaks key support level
APA.AX breaks below 50-day moving average
APA.AX fails to close above 50-day moving average
APA.AX closes lower for the 3rd day in a row
APA.AX breaks below previous session low
TQ Sentiment
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, APA.AX ended Thursday at 7.96 losing A$0.10 (-1.24%). Today's closing price of 7.96 marks the lowest close since April 23rd. Closing below Wednesday's low at 8.03, the share confirms its breakout through the previous session's low having traded A$0.12 below it intraday.

Daily chart for APA.AX
Volatility

Thursday's trading range was A$0.15 (1.87%), that's slightly above last trading month's daily average range of A$0.14. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 7.87. Breaking below the key support level at 8.02 today, it is now likely to act as resistance going forward. After spiking up to 8.06 during the day, the stock found resistance at the 50-day moving average at 8.03.

Trend

APA Group shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. The market broke below the 50-day moving average at 8.03 today for the first time since April 23rd.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bearish Bounce off SMA 50 TQ Pro Members Only
Price broke through Technical Support S1 TQ Pro Members Only
Bearish Break through SMA 50 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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