ASL.AX runs into sellers again around 1.69
Ausdrill Limited (ASL.AX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ASL.AX ended the week 1.2% higher at 1.68 after gaining A$0.03 (1.82%) today. Today's closing price of 1.68 marks the highest close since September 4th.
Daily Candlestick Chart (ASL.AX as at Sep 14, 2018):
Friday's trading range was A$0.04 (2.41%), that's far below last trading month's daily average range of A$0.10. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 1.63. Prices are trading close to the key resistance level at 1.70. After having been unable to move above 1.68 in the previous session, Ausdrill Limited ran into sellers again around the same price level today, failing to move higher than 1.69.
Though the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
As prices are trading close to September's high at 1.78, upside momentum could accelerate should the market mark new highs for the month.