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 [1 min read]
Highlights
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
TQ Sentiment
Report Sentiment: 62% Bearish
Technical Forecast:
Overview

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 chart for GWA.AX
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

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

Conclusion

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

Market Conditions for GWA Group Limited
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Bounced off Technical Support S2 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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