API.AX snaps to lowest close since April 24th
Australian Pharm (API.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, API.AX ended Thursday at 1.30 losing A$0.02 (-1.52%). Today's closing price of 1.30 marks the lowest close since April 24th. Trading A$0.02 higher after the open, Australian Pharm was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 1.31, the stock confirms its breakout through the prior session's low having traded A$0.01 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (API.AX as at Jun 14, 2018):
Thursday's trading range was A$0.04 (3.03%), that's above last trading month's daily average range of A$0.03. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being below average.
After spiking up to 1.34 during the day, the market found resistance at the 20-day moving average at 1.34.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.