ARB.AX ends the day on a bearish note closing near the low of the day


ARB Corporation (ARB.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
ARB.AX finds buyers around 22.70 for the third day in a row
ARB.AX dominated by bears dragging the market lower throughout the day
ARB.AX breaks below 20-day moving average
ARB.AX ends the day on a bearish note closing near the low of the day
ARB.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

ARB.AX ended the week -1.39% lower at 22.75 after losing A$0.21 (-0.91%) today. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for ARB.AX
Volatility

Friday's trading range was A$0.43 (1.87%), that's slightly below last trading month's daily average range of A$0.46. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Notwithstanding a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 22.61. The market found buyers again today around 22.70 for the third trading day in a row after having found demand at 22.67 in the prior session and at 22.73 two days ago.

Trend

Although ARB Corporation is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. The share broke below the 20-day moving average at 22.98 today for the first time since July 11th.

Order Flow

Buying could speed up should prices move above the nearby swing high at 23.19 where further buy stops might get triggered. Selling could accelerate should prices move below the close-by swing low at 22.67 where further sell stops might get activated.

Conclusion

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

Market Conditions for ARB Corporation
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Black Candle TQ Pro Members Only
Very Strong Down Move TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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