RWC.AX runs into sellers again around 5.51
Reliance Worldwide (RWC.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (RWC.AX as at Jun 14, 2018):
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.
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.
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.
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.