A look at ALL Aristocrat
ALL Aristocrat Leisure Ltd designs and develops electronic gaming machines, video lottery terminal systems and casino management systems. It is licensed to conduct its business worldwide.
The daily chart of ALL shows the significant resistance level at $25.68 broken during April 2018. The following price rally with a high shown at $31.77 was offset by the Relative strength bearish divergence developed as the equity made a new high with the indicator failing to post a new high. When this type of divergence occurs a price top is indicated. The following price action in June has set a short term base at $29.30.
The fake out bar ( FO ) has failed to follow thru to higher prices with further consolidation now in the form of a continuation pennant.
To remain bullish the FO high of $32.06 should be exceeded in the trading sessions
The risk in this continuation pennant is a trading channel forming with support at $29.30 and resistance at the $32.06 level.