WEB.AX closes lower for the 3rd day in a row
Webjet Limited (WEB.AX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, WEB.AX ended the week -1.62% lower at 16.38 after losing A$0.07 (-0.43%) today. Today's closing price of 16.38 marks the lowest close since August 22nd. Trading up to A$0.24 lower after the open, Webjet Limited managed to reverse during the session as bulls took control ending the day above its opening price. Closing below Thursday's low at 16.41, the stock confirms its breakout through the previous session's low having traded A$0.45 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (WEB.AX as at Sep 14, 2018):
Friday's trading range was A$0.58 (3.58%), that's slightly above last trading month's daily average range of A$0.47. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 16.28. After spiking up to 16.54 during the day, the market found resistance at the 20-day moving average at 16.54.
Although the share is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. WEB.AX broke below the 20-day moving average at 16.54 today for the first time since July 23rd.