AWC.AX breaks key support level


Alumina Limited (AWC.AX) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
AWC.AX breaks key support level
AWC.AX dominated by bears dragging the market lower throughout the day
AWC.AX ends the day on a bearish note closing near the low of the day
AWC.AX breaks below previous session low
AWC.AX falls to lowest close since August 3rd
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

AWC.AX ended the week 1.77% higher at 2.88 after losing A$0.05 (-1.71%) today on low volume. Today's closing price of 2.88 marks the lowest close since August 3rd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 2.91, the market confirms its breakout through the prior session's low having traded A$0.03 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 AWC.AX
Volatility

Friday's trading range was A$0.06 (2.05%), that's slightly 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 above average.

Support/Resistance

Prices are trading close to a key support level at 2.84. Breaking below the key support level at 2.90 today, it is now likely to act as resistance going forward.

Trend

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

Conclusion

Even though both sentiments are bearish for the next trading day, our quantitative statistics are only slightly bearish while the classical technical analysis metrics show a bearish sentiment.

Market Conditions for Alumina Limited
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
3 Consecutive Lower Closes TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Bearish Bounce off SMA 50 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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