BWP.AX dominated by bears dragging the market lower throughout the day


BWP Trust Ordinary Units FP (BWP.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
BWP.AX tanks -1.2% closing A$0.04 lower
BWP.AX breaks key support level
BWP.AX dominated by bears dragging the market lower throughout the day
BWP.AX breaks below 20-day moving average
BWP.AX ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 60% Bearish
Technical Forecast:
Overview

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.

Daily chart for BWP.AX
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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.

Order Flow

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.

Conclusion

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
ConditionForecastDirectionWinAvgWorstBestEvents
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
More market conditions identified for TQ Pro members...
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