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 [1 min read]
Highlights
AZJ.AX breaks key support level
AZJ.AX dominated by bears dragging the market lower throughout the day
AZJ.AX closes lower for the 4th day in a row
AZJ.AX ends the day on a bearish note closing near the low of the day
AZJ.AX falls to lowest close since April 6th
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

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 chart for AZJ.AX
Volatility

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.

Price Action

In spite of a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Breaking below the key support level at 4.32 today, it is now likely to act as resistance going forward.

Trend

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

Order Flow

Selling could accelerate should prices move below the close-by swing low at 4.28 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.

Market Conditions for Aurizon Holdings Limited
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
High close to previous three Highs TQ Pro Members Only
Hanging Man TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
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