TWE.AX unable to break through key resistance level


Treasury Wine Estates Ltd (TWE.AX) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
TWE.AX crashes, loses A$1.12 (-6.22%) within a single day
TWE.AX breaks below 100-day moving average
TWE.AX unable to break through key resistance level
TWE.AX finds support at 200-day moving average
TWE.AX breaks below previous session low
TQ Sentiment
Report Sentiment: 57% Bearish
Technical Forecast:
Overview

TWE.AX ended Thursday at 16.90 tanking A$1.12 (-6.22%) on high volume. This is the biggest single day loss since Inception. Today's closing price of 16.90 marks the lowest close since March 29th. Closing below Wednesday's low at 17.95, the stock confirms its breakout through the previous session's low having traded A$2.31 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for TWE.AX
Volatility

Thursday's trading range was A$1.44 (8.47%), that's far above last trading month's daily average range of A$0.52. Weekly volatility is also higher, being way above the markets average with the monthly volatility being way above average.

Support/Resistance

Unable to break through the key technical resistance level at 17.06, Treasury Wine closed below it after spiking as high as 17.08 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After trading as low as 15.64 during the day, the market found support at the 200-day moving average at 15.90.

Trend

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already. The share broke below the 100-day moving average at 17.18 today for the first time since January 11th.

Conclusion

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

Market Conditions for Treasury Wine Estates Ltd
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Black Candle TQ Pro Members Only
Close to Swing High TQ Pro Members Only
High close to previous High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

TWE.AX breaks key support level

Aug 17, 2018
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