TWE.AX dominated by bears dragging the market lower throughout the day
Treasury Wine Estates Ltd (TWE.AX) Technical Analysis Report for Aug 10, 2018
TWE.AX ended the week -4.35% lower at 18.04 after losing A$0.11 (-0.61%) today on low volume. Today's closing price of 18.04 marks the lowest close since July 19th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 18.08, the stock confirms its breakout through the previous session's low having traded A$0.06 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (TWE.AX as at Aug 10, 2018):
Friday's trading range was A$0.38 (2.07%), that's slightly below last trading month's daily average range of A$0.44. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.
Treasury Wine found buyers again today around 18.02 for the third trading day in a row after having found demand at 18.08 in the prior session and at 18.04 two days ago.
Though the market is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.