$AGL Energy Ltd (AGL.AU)$ shares fell 5.83% on Thursday, with trading volume expanding to A$41.03 million. AGL Energy has fallen 9.36% over the past week, with a cumulative gain of 17.89% year-to-date.
AGL Energy's technical analysis chart:
Technical Analysis:
Support: A$10.48
Resistance: A$11.57Price range A$10.48 to A$11.57: The trading range indicates a heavy concentration of selling orders, with the stock price on an downward trend. There's a high concentration of trapped positions within the trading range, which implies strong resistance to any upward movement. The stock started to decline near A$11.57 due to selling pressure and repeatedly touched the A$10.48 level, where it seems to find some support. Going forward, it's crucial to watch whether the support at A$10.48 holds and if it can lead to a potential rebound.
Market News :
Because the cheap coal and natural gas supply contracts had ended, Barrenjoey lowered its expectations for future profits. They downgraded their stock rating to "sell" and dropped their target price from $13.80 to $11.20 Australian dollars. In addition, they cut their profit forecasts.
Overall Analysis:
Fundamentally, focus on the company's performance and operational status. Technically, pay attention to whether the support levels hold and if the resistance levels can be effectively breached.
In this scenario, investors should adopt a cautious strategy, setting stop-loss points to manage risk and maintaining ongoing vigilance regarding company developments and market conditions.
Source: AFR
