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 [1 min read]
Highlights
AVB breaks key support level
AVB runs into sellers around 179.53 for the third day in a row
AVB dominated by bears dragging the market lower throughout the day
AVB ends the day on a bearish note closing near the low of the day
AVB breaks below previous session low
TQ Sentiment
Report Sentiment: 87% Bearish
Technical Forecast:
Overview

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 chart for AVB
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Conclusion

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

Market Conditions for AvalonBay Communities, Inc.
Condition Forecast Direction Win Avg Worst Best Events
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
RSI(14) above 70 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

AVB pushes through key resistance level

Aug 17, 2018
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