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
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
ConditionForecastDirectionWinAvgWorstBest
Bearish Belt-hold TQ Pro Members Only
Black Candle TQ Pro Members Only
Decisive Down Move TQ Pro Members Only
52 Week High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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