API.AX snaps to lowest close since April 24th


Australian Pharm (API.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
API.AX closes below its opening price unable to hold early session gains
API.AX fails to close above 20-day moving average
API.AX closes lower for the 4th day in a row
API.AX ends the day on a bearish note closing near the low of the day
API.AX breaks below previous session low
TQ Sentiment
Technical Forecast:
Overview

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 chart for API.AX
Volatility

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.

Support/Resistance

After spiking up to 1.34 during the day, the market found resistance at the 20-day moving average at 1.34.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

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

Market Conditions for Australian Pharm
ConditionForecastDirectionWinAvgWorstBestEvents
Bullish Bounce off SMA 20 TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Close near high of period TQ Pro Members Only
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