WCC slides to lowest close since August 2nd


Wesco International (WCC) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
WCC breaks key support level
WCC breaks below 50-day moving average
WCC closes lower for the 3rd day in a row
WCC breaks below previous session low
WCC falls to lowest close since August 2nd
TQ Sentiment
Report Sentiment: 60% Bearish
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, WCC ended the week -0.17% lower at 58.95 after losing $0.90 (-1.5%) today. Today's closing price of 58.95 marks the lowest close since August 2nd. Closing below Thursday's low at 59.57, Wesco International confirms its breakout through the previous session's low having traded $1.17 below it intraday.

Daily chart for WCC
Volatility

Friday's trading range was $1.25 (2.1%), that's slightly below last trading month's daily average range of $1.39. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Breaking below the key support level at 59.15 today, it is now likely to act as resistance going forward.

Trend

Though the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory. The share broke below the 50-day moving average at 59.51 today for the first time since August 2nd.

Conclusion

Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only slightly bearish while our quantitative statistics show a bearish sentiment.

Market Conditions for Wesco International
Condition Forecast Direction Win Avg Worst Best Events
Bullish Break through SMA 100 TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Strong Up Move TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

WCC pushes through key resistance level

Aug 16, 2018
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