WFD.AX closes within previous day's range

Westfield Corporation Ltd (WFD.AX) Technical Analysis Report for May 18, 2018

Highlights

WFD.AX finds buyers at key support level
WFD.AX finds support at 100-day moving average
WFD.AX closes lower for the 7th day in a row
WFD.AX finds buyers again around 8.90
WFD.AX falls to lowest close since April 24th

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

Moving lower for the 7th day in a row, WFD.AX finished the week -1.76% lower at 8.92 after losing A$0.02 (-0.22%) today on high volume. Today's closing price of 8.92 marks the lowest close since April 24th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.

Daily chart for WFD.AX

Volatility

Friday's trading range was A$0.08 (0.89%), that's slightly above last trading month's daily average range of A$0.07. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

After trading as low as 8.90 during the day, the stock bounced off the key support level at 8.91. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 8.90 in the prior session, Westfield Corporation found buyers again around the same price level today at 8.90. After trading as low as 8.90 during the day, the share found support at the 100-day moving average at 8.91.

Trend

The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

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 Westfield Corporation Ltd

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