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