WOW.AX pushes through key resistance level


Woolworths Ltd (WOW.AX) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
WOW.AX pushes through key resistance level
WOW.AX closes above its opening price after recovering from early selling pressure
WOW.AX closes higher for the 2nd day in a row
WOW.AX ends the day on a bullish note closing near the high of the day
WOW.AX pushes through previous session high
TQ Sentiment
Report Sentiment: 66% Bullish
Technical Forecast:
Overview

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 chart for WOW.AX
Volatility

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.

Support/Resistance

Breaking through the key resistance level at 28.88 today, it is now likely to act as support going forward.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Conclusion

Even though both sentiments are bullish for the next trading day, our quantitative statistics are only slightly bullish while the classical technical analysis metrics show a bullish sentiment.

Market Conditions for Woolworths Ltd
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
High close to previous three Highs TQ Pro Members Only
Black Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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