WHC.AX closes above its opening price after recovering from early selling pressure
Whitehaven Coal (WHC.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
WHC.AX finished Thursday at 5.71 gaining A$0.08 (1.42%). Today's closing price of 5.71 marks the highest close since April 18, 2012. Trading up to A$0.07 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 5.70, the market confirms its breakout through the prior session's high having traded A$0.10 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (WHC.AX as at Jun 14, 2018):
Thursday's trading range was A$0.17 (2.98%), that's slightly above last trading month's daily average range of A$0.16. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Unable to break through the key technical resistance level at 5.79, Whitehaven Coal closed below it after spiking as high as 5.80 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.