TWE.AX unable to break through key resistance level

Treasury Wine Estates Ltd (TWE.AX) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team


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


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 Candlestick Chart (TWE.AX as at May 17, 2018):

Daily technical analysis candlestick chart for Treasury Wine Estates Ltd (TWE.AX) as at May 17, 2018

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.

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.

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.

Market Conditions for TWE.AX as at May 17, 2018

Loading Market Conditions for TWE.AX (Treasury Wine Estates Ltd)...
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TWE.AX stuck within tight trading range

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