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 [1 min read]
Highlights
API.AX finds buyers around 1.54 for the third day in a row
API.AX stuck within tight trading range
API.AX closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

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 chart for API.AX
Volatility

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.

Price Action

Despite a strong opening Australian Pharm closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

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.

Trend

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.

Order Flow

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.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.

Market Conditions for Australian Pharm
ConditionForecastDirectionWinAvgWorstBestEvents
Northern Doji TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Doji TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Long-Legged Doji TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

API.AX ends the day indecisive

Jul 17, 2018
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