WBA climbs to highest close since June 27th


Walgreens Boots Alliance (WBA) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
WBA pushes through key resistance level
WBA dominated by bulls lifting the market higher throughout the day
WBA pushes through 50-day moving average
WBA unable to break through key resistance level
WBA closes higher for the 3rd day in a row
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

Moving higher for the 3rd day in a row, WBA finished the week 2.95% higher at 65.17 after gaining $1.29 (2.02%) today. Today's closing price of 65.17 marks the highest close since June 27th. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.

Daily chart for WBA
Volatility

Friday's trading range was $1.57 (2.45%), that's slightly below last trading month's daily average range of $1.57. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average.

Support/Resistance

Breaking through the key resistance level at 63.99 today, it is now likely to act as support going forward. Unable to break through the key technical resistance level at 65.42, the stock closed below it after spiking as high as 65.52 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move above 65.43 in the prior session, Walgreens Boots ran into sellers again around the same price level today, failing to move higher than 65.52. After spiking up to 65.52 during the day, the share found resistance at the 100-day moving average at 65.36.

Trend

While still in a long-term downtrend, the short and medium-term trends both turned bullish already. The market managed to break above the 50-day moving average at 63.92 today for the first time since June 19th.

Conclusion

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

Market Conditions for Walgreens Boots Alliance
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Bounce off SMA 100 TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
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