RWC.AX runs into sellers again around 5.51
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
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