WOW.AX crashes, loses A$0.41 (-1.31%) within a single day
Woolworths Ltd (WOW.AX) Technical Analysis Report for Jul 13, 2018
WOW.AX ended the week 0.78% higher at 30.89 after tanking A$0.41 (-1.31%) today on low volume. This is the biggest single day loss in over four months. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 31.23, Woolworths Ltd confirms its breakout through the previous session's low having traded A$0.47 below it intraday.
Friday's trading range was A$0.54 (1.73%), that's far above last trading month's daily average range of A$0.35. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.
After trading as low as 30.76 during the day, the market bounced off the key support level at 30.79. The failure to close below the support might increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 30.54 where further sell stops might get activated.
Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a slightly bearish sentiment for the next trading day.
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