GWA.AX tanks, loses A$0.12 (-3.47%) within a single day

GWA Group Limited (GWA.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team


GWA.AX crashes, loses A$0.12 (-3.47%) within a single day
GWA.AX dominated by bears dragging the market lower throughout the day
GWA.AX unable to break through key resistance level
GWA.AX finds support at 100-day moving average
GWA.AX closes lower for the 2nd day in a row


Moving lower for the 2nd day in a row, GWA.AX ended Thursday at 3.34 tanking A$0.12 (-3.47%). This is the biggest single day loss in over three weeks. Today's closing price of 3.34 marks the lowest close since April 3rd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 3.43, GWA Group confirms its breakout through the prior session's low having traded A$0.10 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 (GWA.AX as at Jun 14, 2018):

Daily technical analysis candlestick chart for GWA Group Limited (GWA.AX) as at Jun 14, 2018

Thursday's trading range was A$0.09 (2.65%), that's slightly above last trading month's daily average range of A$0.08. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.

Unable to break through the key technical resistance level at 3.41, the share closed below it after spiking as high as 3.42 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After trading as low as 3.33 during the day, the stock found support at the 100-day moving average at 3.33.

Although the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

Trading close to April's low at 3.32 we might see further downside momentum if potential sell stops at the level get activated.

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