AZJ.AX ends the day on a bearish note closing near the low of the day
Aurizon Holdings Limited (AZJ.AX) Technical Analysis Report for May 18, 2018
Moving lower for the 4th day in a row, AZJ.AX finished the week -2.05% lower at 4.31 after losing A$0.01 (-0.23%) today on low volume. Today's closing price of 4.31 marks the lowest close since April 6th. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (AZJ.AX as at May 18, 2018):
Friday's trading range was A$0.05 (1.15%), that's slightly below last trading month's daily average range of A$0.05. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.
In spite of a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle.
Breaking below the key support level at 4.32 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 4.28 where further sell stops might get activated.