WES.AX runs into sellers around 47.20 for the third day in a row


Wesfarmers Ltd (WES.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
WES.AX runs into sellers around 47.20 for the third day in a row
WES.AX rises to highest close since Inception
WES.AX stuck within tight trading range
WES.AX closes within previous day's range
WES.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 16% Bearish
Technical Forecast:
Overview

WES.AX ended Thursday at 47.00 gaining A$0.34 (0.73%) on high volume. Today's closing price of 47.00 marks the highest close since Inception. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for WES.AX
Volatility

Thursday's trading range was A$0.49 (1.04%), that's slightly below last trading month's daily average range of A$0.57. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 46.43 and 47.20 which it has been in now for the last three days.

Support/Resistance

Wesfarmers Ltd ran into sellers again today around 47.20 for the third trading day in a row after having found sellers at 47.17 in the previous session and at 47.14 two days ago.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Selling might speed up should prices move below the close-by swing low at 46.43 where further sell stops could get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Wesfarmers Ltd
Condition Forecast Direction Win Avg Worst Best Events
Strong Up Move TQ Pro Members Only
Very Strong Up Move TQ Pro Members Only
RSI(14) above 70 TQ Pro Members Only
Gap Up TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
More market conditions identified for TQ Pro members...
Learn more about TQ Pro
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Wesfarmers Ltd traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Signup
Stocks Top Movers
NATGAS 2.9550.029 0.99%
SPX 2,841.7619.83 0.70%
NDX 7,449.8648.69 0.66%
INDU 25,326.05138.35 0.55%
ASX 6,329.0029.40 0.47%
CAC 5,403.41-8.91 -0.16%
TBOND 143.875-0.344 -0.24%
GBPUSD 1.2722-0.0043 -0.34%
FTSE 7,611.64-30.86 -0.40%
EURUSD 1.1344-0.0065 -0.57%
Start your day with the facts moving the markets
By clicking "Subscribe", you agree to our terms and privacy policy.

Related Stocks

ABBV 10 day candlestick chart for ABBV96.14 -0.64
-0.66%
ACN 10 day candlestick chart for ACN161.24 1.01
0.63%
ADBE 10 day candlestick chart for ADBE256.05 2.51
0.99%
AAP 10 day candlestick chart for AAP154.80 9.96
6.88%
AES 10 day candlestick chart for AES13.52 0.14
1.05%
AET 10 day candlestick chart for AET197.11 2.40
1.23%
AFL 10 day candlestick chart for AFL46.51 0.21
0.45%
AMG 10 day candlestick chart for AMG147.35 0.95
0.65%
A 10 day candlestick chart for A66.99 1.05
1.59%
ABT 10 day candlestick chart for ABT63.74 0.31
0.49%