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TWX fails to close above 100-day moving average


Technical Analysis Report for TWX - May 17, 2018 [1 min read]
Highlights
TWX tanks -1.39% closing $1.31 lower
Traders officially love to sell TWX against 94.37 level
TWX breaks key support level
TWX dominated by bears dragging the market lower throughout the day
TWX fails to close above 100-day moving average
TQ Sentiment
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, TWX finished Thursday at 92.88 tanking $1.31 (-1.39%). This is the biggest single day loss in over three weeks. Today's closing price of 92.88 marks the lowest close since May 10th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 93.65, Time Warner confirms its breakout through the prior session's low having traded $0.87 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for TWX
Volatility

Thursday's trading range was $1.59 (1.69%), that's slightly above last trading month's daily average range of $1.29. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to a key support level at 92.40. Breaking below the key support level at 93.23 today, it is now likely to act as resistance going forward. The market was sold again around 94.37 after having seen highs at 94.52, 94.46 and 94.47 in the last three trading sessions. Obviously there is something going on at that level. After spiking up to 94.37 during the day, the share found resistance at the 100-day moving average at 94.35.

Trend

Though the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

With prices trading close to this year's low at 90.72, downside momentum could speed up should TWX break out to new lows for the year.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bearish Bounce off SMA 100 TQ Pro Members Only
Price broke through Technical Support S1 TQ Pro Members Only
High close to previous three Highs TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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