WOR.AX closes above its opening price after recovering from early selling pressure
Moving lower for the 2nd day in a row, WOR.AX ended Thursday at 16.58 losing A$0.10 (-0.6%). Today's closing price of 16.58 marks the lowest close since June 5th. Trading up to A$0.10 lower after the open, Worleyparsons Limited managed to reverse during the session as bulls took control ending the day above its opening price. Closing below Wednesday's low at 16.63, the share confirms its breakout through the prior session's low having traded A$0.21 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was A$0.26 (1.57%), that's below last trading month's daily average range of A$0.35. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Prices are trading close to the key resistance level at 16.83.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further selling might move prices lower should the market test May's nearby low at 15.92.
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 Worleyparsons Limited
|Bearish Outside Bar||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Bullish Bounce off SMA 20||TQ Pro Members Only|
|Bounced off Technical Support S1||TQ Pro Members Only|
|3 Consecutive Higher Closes||TQ Pro Members Only|
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