CWN.AX breaks below 20-day moving average

Crown Resorts Limited (CWN.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team


CWN.AX breaks below 20-day moving average
CWN.AX closes below its opening price unable to hold early session gains
CWN.AX unable to break through key resistance level
CWN.AX fails to close above 20-day moving average
CWN.AX closes lower for the 2nd day in a row


Moving lower for the 2nd day in a row, CWN.AX ended Thursday at 13.25 losing A$0.13 (-0.97%). Today's closing price of 13.25 marks the lowest close since June 5th. Trading A$0.08 higher after the open, Crown Resorts was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 13.33, the share confirms its breakout through the prior session's low having traded A$0.08 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily Candlestick Chart (CWN.AX as at Jun 14, 2018):

Daily technical analysis candlestick chart for Crown Resorts Limited (CWN.AX) as at Jun 14, 2018

Thursday's trading range was A$0.13 (0.98%), that's below last trading month's daily average range of A$0.20. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Unable to break through the key technical resistance level at 13.35, the market closed below it after spiking as high as 13.38 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After spiking up to 13.38 during the day, the stock found resistance at the 20-day moving average at 13.33.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. CWN.AX broke below the 20-day moving average at 13.33 today for the first time since May 25th.

Further selling might move prices lower should the market test May's close-by low at 12.90.

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