WOR.AX closes above its opening price after recovering from early selling pressure


Worleyparsons Limited (WOR.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
WOR.AX closes above its opening price after recovering from early selling pressure
WOR.AX closes lower for the 2nd day in a row
WOR.AX breaks below previous session low
WOR.AX falls to lowest close since June 5th
WOR.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

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.

Daily chart for WOR.AX
Volatility

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.

Support/Resistance

Prices are trading close to the key resistance level at 16.83.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Further selling might move prices lower should the market test May's nearby low at 15.92.

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 Worleyparsons Limited
Condition Forecast Direction Win Avg Worst Best Events
Bearish Break through SMA 50 TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

WOR.AX breaks key support level

Aug 20, 2018
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