WES.AX closes 0.18% higher at 33.2
Wesfarmers Ltd (WES.AX) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
WES.AX finished Wednesday at 33.20 gaining $0.06 (0.18%), outperforming the ASX 50 (-0.44%).
Daily Candlestick Chart (WES.AX as at Feb 13, 2019):
Wednesday's trading range has been $0.47 (1.4%), that's slightly above the last trading month's daily average range of $0.42. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for WES.AX.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on February 8th, WES.AX lost -0.27% on the following trading day.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might speed up should prices move above the close-by swing high at 33.60 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 32.93 where further sell stops could get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Wesfarmers Ltd. Out of 713 times, WES.AX closed higher 51.47% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.06% with an average market move of 0.61%.