WOW.AX pushes through key resistance level
Woolworths Ltd (WOW.AX) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, WOW.AX ended Thursday at 28.93 gaining A$0.32 (1.12%) on low volume. Today's closing price of 28.93 marks the highest close since May 15, 2015. Trading up to A$0.21 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 28.71, Woolworths Ltd confirms its breakout through the previous session's high having traded A$0.22 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (WOW.AX as at May 17, 2018):
Thursday's trading range was A$0.31 (1.08%), that's slightly below last trading month's daily average range of A$0.32. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average.
Breaking through the key resistance level at 28.88 today, it is now likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.