AWC.AX breaks key support level
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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
|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|
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