AAD 0.00% $1.49 ardent leisure group

Looks like this rally may be over - could continue sideways for...

  1. 408 Posts.
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    Looks like this rally may be over - could continue sideways for a while. A drop below $2.02 could signal the start of a correction. If you are confident AAD won't correct, then wait for price to drop near $2.02 before buying. If you are less confident, then it might be wise to wait and see if the support at $2.02 holds.

    Evidence:
    1. Break below uptrend line last week.
    2. False break above previous swing point high on high volume on 29/05/2017. High volume indicates a complete rejection of going higher.
    3. Price has hit resistance at the top of its medium term downtrend channel
    4. Price has hit resistance near the high ($2.17) of the big, large volume, down day which occurred on 23/02/2017
    4. Bearish divergence in daily MACD & RSI

    Daily Bar Chart
    AAD Trendline 2017-06-02.png

    Downtrend Channel
    AAD Trend Channel 2017-06-02.png

    Bearish MACD Divergence
    AAD MACD 2017-06-02.png

    Bearish RSI Divergence
    AAD RSI 2017-06-02.png
 
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Currently unlisted public company.

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