WCC slides to lowest close since August 2nd
WESCO International Inc. (WCC) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (WCC as at Aug 10, 2018):
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.
Breaking below the key support level at 59.15 today, it is now likely to act as resistance going forward.
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.