WBC.AX falls to lowest close since January 24, 2013
Westpac Banking Corp (WBC.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (WBC.AX as at Jun 14, 2018):
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.