BWP.AX dominated by bears dragging the market lower throughout the day
BWP.AX finished the week -0.61% lower at 3.28 after tanking A$0.04 (-1.2%) today. This is the biggest single day loss in over two weeks. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was A$0.05 (1.51%), that's slightly above last trading month's daily average range of A$0.05. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Notwithstanding a strong opening the share closed below the prior day's open and close, forming a bearish Engulfing Candle.
Prices are trading close to a key support level at 3.25. Breaking below the key support level at 3.29 today, it is now likely to act as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. BWP Trust broke below the 20-day moving average at 3.28 today for the first time since July 11th.
Selling might accelerate should prices move below the nearby swing low at 3.25 where further sell stops could get activated. With prices trading close to this year's high at 3.35, upside momentum might speed up should the stock be able to break out to new highs for the year. As prices are trading close to July's low at 3.24, downside momentum could accelerate should the market mark new lows for the month.
While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
Market Conditions for BWP Trust Ordinary Units FP
|Close to Swing Low||TQ Pro Members Only|
|Bearish Bounce off SMA 20||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Bounced off Technical Resistance R1||TQ Pro Members Only|
|Bullish Engulfing Candle||TQ Pro Members Only|
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