WOW.AX closes within previous day's range

Woolworths Ltd (WOW.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team


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


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 Candlestick Chart (WOW.AX as at Jun 14, 2018):

Daily technical analysis candlestick chart for Woolworths Ltd (WOW.AX) as at Jun 14, 2018

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.

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