API.AX unable to break through key resistance level

Australian Pharm (API.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team


API.AX unable to break through key resistance level
API.AX fails to close above 20-day moving average
API.AX finds buyers again around 1.62
API.AX ends the day indecisive


API.AX finished the week -3.57% lower at 1.62 after flat today. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (API.AX as at Aug 10, 2018):

Daily technical analysis candlestick chart for Australian Pharm (API.AX) as at Aug 10, 2018

Friday's trading range was A$0.05 (3.09%), that's slightly above last trading month's daily average range of A$0.05. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being below average.

Unable to break through the key technical resistance level at 1.67, the market closed below it after spiking as high as 1.67 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 1.62 in the previous session, the share found buyers again around the same price level today at 1.62. After spiking up to 1.67 during the day, Australian Pharm found resistance at the 20-day moving average at 1.64.

While the stock is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

Selling might speed up should prices move below the close-by swing low at 1.60 where further sell stops could get activated.

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