WOW.AX closes within previous day's range


Woolworths Ltd (WOW.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
WOW.AX closes below its opening price unable to hold early session gains
WOW.AX finds buyers at key support level
WOW.AX closes lower for the 2nd day in a row
WOW.AX runs into sellers again around 29.27
WOW.AX closes within previous day's range
TQ Sentiment
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, WOW.AX finished Thursday at 28.98 losing A$0.06 (-0.21%). Trading A$0.28 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for WOW.AX
Volatility

Thursday's trading range was A$0.43 (1.48%), that's above last trading month's daily average range of A$0.38. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Support/Resistance

After trading as low as 28.84 during the day, Woolworths Ltd bounced off the key support level at 28.89. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move above 29.30 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 29.27.

Trend

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

Order Flow

Buying might accelerate should prices move above the close-by swing high at 29.35 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 28.63 where further sell stops could get activated.

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 Woolworths Ltd
ConditionForecastDirectionWinAvgWorstBest
Close to S1 Support TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
Bullish Spinning Top TQ Pro Members Only
More market conditions identified for TQ Pro members...
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