WES.AX climbs to highest close since December 20, 2017

Wesfarmers Ltd (WES.AX) Technical Analysis Report for May 17, 2018

Highlights

WES.AX closes higher for the 2nd day in a row
WES.AX pushes through previous session high
WES.AX rises to highest close since December 20, 2017

TQ Sentiment

Report Sentiment:
33% Bullish
Technical Forecast:
TQ Pro Only
See the overall Technical Analysis forecast for today.

Overview

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.

Daily chart for WES.AX

Volatility

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.

Trend

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

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.

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

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