CWN.AX breaks below 20-day moving average


Crown Resorts Limited (CWN.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
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
TQ Sentiment
Report Sentiment: 75% Bearish
Technical Forecast:
Overview

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 chart for CWN.AX
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

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

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.

Market Conditions for Crown Resorts Limited
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Black Candle TQ Pro Members Only
Close near low of period TQ Pro Members Only
Decisive Down Move TQ Pro Members Only
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