BWP.AX declines to lowest close since August 2nd


BWP Trust Ordinary Units FP (BWP.AX) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
BWP.AX dominated by bears dragging the market lower throughout the day
BWP.AX breaks below 50-day moving average
BWP.AX closes lower for the 4th day in a row
BWP.AX ends the day on a bearish note closing near the low of the day
BWP.AX breaks below previous session low
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

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.

Daily chart for BWP.AX
Volatility

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.

Support/Resistance

Prices are trading close to a key support level at 3.25.

Trend

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.

Order Flow

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.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

BWP.AX ends the day indecisive

Aug 15, 2018
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