AWC.AX closes within prior day's range after lackluster session


Alumina Limited (AWC.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
AWC.AX unable to break through key resistance level
AWC.AX closes within previous day's range after lackluster session
AWC.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 20% Bearish
Technical Forecast:
Overview

AWC.AX finished the week -1.05% lower at 2.83 after flat today on low volume. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for AWC.AX
Volatility

Friday's trading range was A$0.04 (1.42%), 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 below the markets average with the monthly volatility being slightly below average.

Price Action

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.

Support/Resistance

Unable to break through the key technical resistance level at 2.85, the market closed below it after spiking as high as 2.85 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.

Trend

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

Order Flow

Selling might speed up should prices move below the close-by swing low at 2.80 where further sell stops could get triggered.

Conclusion

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

Market Conditions for Alumina Limited
ConditionForecastDirectionWinAvgWorstBestEvents
Bullish Bounce off SMA 50 TQ Pro Members Only
Very Strong Down Move TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bearish Break through SMA 20 TQ Pro Members Only
Strong Down Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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