Australian Foundation (AFI.AX)
OPEN CLOSE CHANGE
Trading: SELL @ $6.05
Signal Strength: WEAK
Indicator MUST BE USED in additional to another technical indicator to confirmation for trading entry. Indicator can be applied to the short term timeframe but is only able to give and indication of the strength of the buyers versus sellers at the market close. This bar analysis can provide guidance on the daily battle between sellers and buyers from the companies recent trading.
Australian Foundation (ASX:AFI) opened in the upper part of daily range at 100% & closed in the middle part of the trading range at 66.7%. This suggests the sellers have lost commitment. Over the last 12 months there has been 3 trading days with the opening price in the upper shadow & the closing the price in the middle shadow giving a confirmation ratio of 1.1%. Over the last month there has been 3 trading days with the opening price in the upper price range & the closing the price in the middle price range giving a confirmation ratio of 27.3%.
The opening and closing bar positions can add depth to assess whether buyers of sellers commitment is changing and thus which side is in control at the close of the trading session.
Calculation: Open Today Versus Close Today (OTCT):
1) If the market opens near the low and closes near the high the buyers have had control during the entire day;
2) If the market opens near the high and closes near the low the sellers have had control during the entire day;
3) If the market opens near one extreme of the range and closes near the middle of the range the side who started in control has lost commitment;
4) If the market opens near one extreme and closes near the same extreme the side who started in control has lost control;
5) If the market opens near the middle of the range and closes near one extreme control has swung to the buyers;
6) If the close is near the high and if the close is near the low the control has swung to the sellers;
7) If the market opens near the middle of the range and closes similarly neither side is strongly committed;
PROFILE: Australian Foundation (AFI.AX)
Stock Exchange: ASX
Company: Australian Foundation
Ticker Codes: | AFI.AX | ASX:AFI |
Australian Foundation Investment Company Limited is a self-managed investment company. The firm invests in the public equity markets of Australia. It invests in value stocks of companies. The firm employs fundamental analysis with a focus on bottom-up research to make its investments. It benchmarks the performance of its portfolio against S&P/ASX 200 Accumulation Index. The firm conducts in-house research to make its investments. It invests in companies across diversified industries. Australian Foundation Investment Company Limited was founded in 1928 and is based in Melbourne, Australia.
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