GWA.AX finds buyers around 2.91 for the third day in a row

GWA Group Limited (GWA.AX) Technical Analysis Report for Sep 14, 2018

Highlights

GWA.AX finds buyers around 2.91 for the third day in a row
GWA.AX stuck within tight trading range
GWA.AX pushes through previous session high

TQ Sentiment

Report Sentiment: 75% Bullish
Technical Forecast:

Overview

GWA.AX finished the week -2.63% lower at 2.96 after gaining A$0.03 (1.02%) today on low volume. Closing above Thursday's high at 2.95, the stock confirms its breakout through the prior session's high having traded A$0.04 above it intraday.

Daily chart for GWA.AX

Volatility

Friday's trading range was A$0.08 (2.75%), that's slightly below last trading month's daily average range of A$0.09. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 2.91 and 2.99 which it has been in now for the last three days.

Price Action

Despite a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

GWA Group found buyers again today around 2.91 for the third trading day in a row after having found demand at 2.91 in the prior session and at 2.92 two days ago.

Trend

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

Conclusion

Even though both sentiments are bullish for the next trading day, our quantitative statistics are only slightly bullish while the classical technical analysis metrics show a bullish sentiment.

Market Conditions for GWA Group Limited

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