WBA climbs to highest close since June 27th
Walgreens Boots Alliance (WBA) Technical Analysis Report for Jul 13, 2018
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.
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.
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.