APO.AX unable to break through key resistance level


Apn Outdoor Group (APO.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
APO.AX unable to break through key resistance level
APO.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

APO.AX finished the week -0.16% lower at 6.32 after flat today. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.

Daily chart for APO.AX
Volatility

Friday's trading range was A$0.10 (1.57%), that's slightly below last trading month's daily average range of A$0.12. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.

Price Action

Notwithstanding a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Unable to break through the key technical resistance level at 6.38, the market closed below it after spiking as high as 6.38 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.

Trend

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

Order Flow

Buying might speed up should prices move above the close-by swing high at 6.40 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 6.26 where further sell stops could get activated. As prices are trading close to July's low at 6.22, downside momentum might speed up should Apn Outdoor mark new lows for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.

Market Conditions for Apn Outdoor Group
ConditionForecastDirectionWinAvgWorstBestEvents
Rickshaw-Man TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
Northern Doji TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
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