RWC.AX runs into sellers again around 5.51


Reliance Worldwide (RWC.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
RWC.AX runs into sellers again around 5.51
RWC.AX closes within previous day's range
RWC.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

RWC.AX ended Thursday at 5.41 gaining A$0.02 (0.37%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for RWC.AX
Volatility

Thursday's trading range was A$0.13 (2.4%), that's slightly below last trading month's daily average range of A$0.17. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way above average.

Support/Resistance

Prices are trading close to a key support level at 5.36. After having been unable to move above 5.49 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 5.51.

Trend

Though 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

Selling might accelerate should prices move below the close-by swing low at 5.34 where further sell stops could get triggered. As prices are trading close to June's high at 5.69, upside momentum might speed up should the stock mark new highs for the month.

Conclusion

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

Market Conditions for Reliance Worldwide
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
RSI(14) above 70 TQ Pro Members Only
Black Candle TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Close near low of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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