CWY.AX runs into sellers again around 1.70
Cleanaway Waste Limited (CWY.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, CWY.AX ended Thursday at 1.66 losing A$0.03 (-1.78%). Today's closing price of 1.66 marks the lowest close since June 1st. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 1.68, the market confirms its breakout through the previous session's low having traded A$0.02 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 (CWY.AX as at Jun 14, 2018):
Thursday's trading range was A$0.04 (2.37%), that's slightly above 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.
After having been unable to move above 1.70 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 1.70.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 1.65 where further sell stops could get triggered. As prices are trading close to June's low at 1.62, downside momentum might accelerate should Cleanaway Waste mark new lows for the month.