WBC.AX falls to lowest close since January 24, 2013


Westpac Banking Corp (WBC.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
WBC.AX unable to break through key resistance level
WBC.AX closes lower for the 4th day in a row
WBC.AX ends the day on a bearish note closing near the low of the day
WBC.AX finds buyers again around 27.24
WBC.AX falls to lowest close since January 24, 2013
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

Moving lower for the 4th day in a row, WBC.AX ended Thursday at 27.30 losing A$0.13 (-0.47%). Today's closing price of 27.30 marks the lowest close since January 24, 2013. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for WBC.AX
Volatility

Thursday's trading range was A$0.31 (1.14%), that's slightly below last trading month's daily average range of A$0.32. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Support/Resistance

Unable to break through the key technical resistance level at 27.55, the market closed below it after spiking as high as 27.55 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 lower than 27.25 in the previous session, the share found buyers again around the same price level today at 27.24.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

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

Market Conditions for Westpac Banking Corp
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Black Candle TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Last Engulfing Bottom Pattern TQ Pro Members Only
Bearish Engulfing Candle TQ Pro Members Only
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