AWC.AX closes within prior day's range after lackluster session
Alumina Limited (AWC.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (AWC.AX as at Jul 13, 2018):
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 2.80 where further sell stops could get triggered.