AWC.AX breaks key support level
Alumina Limited (AWC.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (AWC.AX as at Aug 10, 2018):
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.