AVB runs into sellers around 179.53 for the third day in a row
AvalonBay Communities Inc. (AVB) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
AVB ended the week -1.6% lower at 177.20 after losing $1.69 (-0.94%) today. Today's closing price of 177.20 marks the lowest close since July 31st. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 177.89, the stock confirms its breakout through the previous session's low having traded $0.73 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (AVB as at Aug 10, 2018):
Friday's trading range was $2.37 (1.32%), that's slightly below last trading month's daily average range of $3.00. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way above average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar. Notwithstanding a strong opening the share closed below the prior day's open and close, forming a bearish Engulfing Candle.
Breaking below the key support level at 177.29 today, it is now likely to act as resistance going forward. The market ran into sellers again today around 179.53 for the third trading day in a row after having found sellers at 179.24 in the previous session and at 179.54 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.