ASL.AX closes within previous day's range after lackluster session
Ausdrill Limited (ASL.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
ASL.AX finished the week -5.43% lower at 1.74 after losing A$0.01 (-0.57%) 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 Candlestick Chart (ASL.AX as at Aug 10, 2018):
Friday's trading range was A$0.04 (2.27%), that's below last trading month's daily average range of A$0.06. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly 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.
Prices are trading close to the key resistance level at 1.77.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 1.78 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 1.70 where further sell stops might get activated. With prices trading close to this year's low at 1.63, downside momentum could accelerate should the market break out to new lows for the year.