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 | by Techniquant Editorial Team
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 Candlestick Chart (WES.AX as at Jun 14, 2018):
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 46.43 where further sell stops could get triggered.