WHC.AX closes within previous day's range

Whitehaven Coal (WHC.AX) Technical Analysis Report for Jul 13, 2018

Highlights

WHC.AX breaks key support level
WHC.AX dominated by bears dragging the market lower throughout the day
WHC.AX ends the day on a bearish note closing near the low of the day
WHC.AX finds buyers again around 5.58
WHC.AX falls to lowest close since June 27th

TQ Sentiment

Report Sentiment:
37% Bearish
Technical Forecast:

Overview

WHC.AX ended the week -4.92% lower at 5.60 after losing A$0.10 (-1.75%) today. Today's closing price of 5.60 marks the lowest close since June 27th. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for WHC.AX

Volatility

Friday's trading range was A$0.14 (2.45%), that's slightly below last trading month's daily average range of A$0.14. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being way below average.

Support/Resistance

Prices are trading close to a key support level at 5.53. Breaking below the key support level at 5.70 today, it is now likely to act as resistance going forward. After having been unable to move lower than 5.56 in the previous session, the market found buyers again around the same price level today at 5.58.

Trend

Although Whitehaven Coal is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

Order Flow

Selling might accelerate should prices move below the nearby swing low at 5.56 where further sell stops could get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.

Market Conditions for Whitehaven Coal

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Latest Report:

WHC.AX finds buyers at key support level

Sep 24, 2018
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