WAB ends the day on a bearish note closing near the low of the day
Wabtec Corp (WAB) Technical Analysis Report for Sep 14, 2018
Moving lower for the 3rd day in a row, WAB finished the week -14.23% lower at 98.21 after tanking $13.91 (-12.41%) today on high volume. This is the biggest single day loss since Inception. Today's closing price of 98.21 marks the lowest close since June 28th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 111.60, the share confirms its breakout through the prior session's low having traded $15.04 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was $15.44 (13.81%), that's far above last trading month's daily average range of $2.29. Weekly volatility is also higher, being way above the markets average with the monthly volatility being way above average.
Breaking below the key support level at 98.82 today, it is now likely to act as resistance going forward.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already. The market broke below the 100-day moving average at 102.76 today for the first time since March 22nd.
Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.
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