WES.AX climbs to highest close since December 20, 2017
Wesfarmers Ltd (WES.AX) Technical Analysis Report for May 17, 2018
Moving higher for the 2nd day in a row, WES.AX finished Thursday at 44.74 gaining A$0.19 (0.43%) on low volume. Today's closing price of 44.74 marks the highest close since December 20, 2017. Closing above Wednesday's high at 44.71, the share confirms its breakout through the prior session's high having traded A$0.14 above it intraday.
Thursday's trading range was A$0.29 (0.65%), that's far below last trading month's daily average range of A$0.50. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
2,017's high at 45.60 is within reach and we could see further upside momentum should the market manage to break out beyond.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.