WBC.AX closes within prior day's range
Westpac Banking Corp (WBC.AX) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
WBC.AX ended the week -3.78% lower at 26.45 after gaining $0.16 (0.61%) today. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (WBC.AX as at Oct 12, 2018):
Friday's trading range was $0.44 (1.68%), that's slightly above last trading month's daily average range of $0.37. Weekly volatility is also higher, being above the markets average with the monthly volatility being above average.
One bullish candlestick pattern matches today's price action, the White Candle.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 27.51. The last time this happened on October 4th, WBC.AX gained 0.37% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our engine recognized today, the statistics for the Price Action based condition "52 Week Low" stands out. While it is usually interpreted being bearish, it has actually shown to be bullish so far in the past for Westpac Banking. Out of 48 times during the last ten years, WBC.AX closed higher 54.17% of the time on the next trading day. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.33% with an average market move of 1.15%.