BWP.AX declines to lowest close since August 2nd
Moving lower for the 4th day in a row, BWP.AX finished the week -0.31% lower at 3.26 after losing A$0.02 (-0.61%) today on low volume. Today's closing price of 3.26 marks the lowest close since August 2nd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 3.27, the market confirms its breakout through the previous session's low having traded A$0.01 below it intraday. 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$0.02 (0.61%), that's far below last trading month's daily average range of A$0.04. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 3.25.
Though the stock is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. The share broke below the 50-day moving average at 3.27 today for the first time since August 1st.
Selling might speed up should prices move below the nearby swing low at 3.26 where further sell stops could get activated. With prices trading close to this year's high at 3.35, upside momentum might accelerate should BWP Trust be able to break out to new highs for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for BWP Trust Ordinary Units FP
|Close to S1 Support||TQ Pro Members Only|
|Bounced off Technical Support S1||TQ Pro Members Only|
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