WOR.AX ends the day on a bearish note closing near the low of the day


Worleyparsons Limited (WOR.AX) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
WOR.AX crashes, loses A$0.45 (-2.39%) within a single day
WOR.AX breaks key support level
WOR.AX dominated by bears dragging the market lower throughout the day
WOR.AX closes lower for the 2nd day in a row
WOR.AX ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 75% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, WOR.AX ended the week -1.5% lower at 18.36 after tanking A$0.45 (-2.39%) today. This is the biggest single day loss in over three weeks. Today's closing price of 18.36 marks the lowest close since July 26th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 18.70, Worleyparsons Limited confirms its breakout through the prior session's low having traded A$0.45 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for WOR.AX
Volatility

Friday's trading range was A$0.60 (3.19%), that's far above last trading month's daily average range of A$0.31. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Breaking below the key support level at 18.67 today, it is now likely to act as resistance going forward. After having been unable to move above 18.88 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 18.85.

Trend

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

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.

Market Conditions for Worleyparsons Limited
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
High close to previous High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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