API.AX finds buyers around 1.54 for the third day in a row
Australian Pharm (API.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
API.AX finished the week 4.73% higher at 1.55 after losing A$0.01 (-0.64%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (API.AX as at Jul 13, 2018):
Friday's trading range was A$0.02 (1.28%), that's far below last trading month's daily average range of A$0.06. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 1.54 and 1.58 which it has been in now for the last three days.
Despite a strong opening Australian Pharm closed below the prior day's open and close, forming a bearish Engulfing Candle.
The market found buyers again today around 1.54 for the third trading day in a row after having found demand at 1.54 in the previous session and at 1.54 two days ago.
While the stock is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.
Buying could accelerate should prices move above the close-by swing high at 1.58 where further buy stops might get activated. As prices are trading close to July's high at 1.64, upside momentum could speed up should the share mark new highs for the month.