WOW.AX closes within previous day's range
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.
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
|Close to S1 Support||TQ Pro Members Only|
|High close to previous three Highs||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Long-Legged Doji||TQ Pro Members Only|
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