WOW.AX closes below its opening price unable to hold early session gains
Woolworths Ltd (WOW.AX) Technical Analysis Report for Sep 14, 2018
Moving lower for the 3rd day in a row, WOW.AX finished the week -3.11% lower at 27.41 after losing A$0.09 (-0.33%) today on low volume. Today's closing price of 27.41 marks the lowest close since April 24th. Trading A$0.14 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 27.45, the market confirms its breakout through the prior session's low having traded A$0.11 below it intraday.
Friday's trading range was A$0.33 (1.2%), that's slightly below last trading month's daily average range of A$0.35. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly above average.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
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