WES.AX breaks below prior session low


Wesfarmers Ltd (WES.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
WES.AX finds support at 20-day moving average
WES.AX breaks below previous session low
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

WES.AX ended the week -2.22% lower at 49.25 after losing A$0.24 (-0.48%) today. Closing below Thursday's low at 49.38, the market confirms its breakout through the prior session's low having traded A$0.33 below it intraday.

Daily chart for WES.AX
Volatility

Friday's trading range was A$0.44 (0.89%), that's far below last trading month's daily average range of A$0.65. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.

Support/Resistance

Prices are trading close to a key support level at 48.83. Prices are trading close to the key resistance level at 49.73. After trading as low as 49.05 during the day, the share found support at the 20-day moving average at 49.10.

Trend

Although the stock is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

Order Flow

Buying could speed up should prices move above the close-by swing high at 49.73 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 48.83 where further sell stops might get activated.

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
ConditionForecastDirectionWinAvgWorstBestEvents
RSI(2) above 80 TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Last Engulfing Top Pattern TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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