CWY.AX runs into sellers again around 1.70


Cleanaway Waste Limited (CWY.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
CWY.AX dominated by bears dragging the market lower throughout the day
CWY.AX closes lower for the 2nd day in a row
CWY.AX ends the day on a bearish note closing near the low of the day
CWY.AX runs into sellers again around 1.70
CWY.AX breaks below previous session low
TQ Sentiment
Technical Forecast:
Overview

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 chart for CWY.AX
Volatility

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.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

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.

Conclusion

While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being neutral.

Market Conditions for Cleanaway Waste Limited
ConditionForecastDirectionWinAvgWorstBestEvents
2 Consecutive Lower Closes TQ Pro Members Only
High close to previous High TQ Pro Members Only
High close to previous two Highs TQ Pro Members Only
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