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
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 Candlestick Chart (WOR.AX as at Aug 10, 2018):
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.
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.
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.