WPL.AX breaks below prior session low
Woodside Petroleum Ltd (WPL.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, WPL.AX ended the week -0.55% lower at 35.95 after losing A$0.47 (-1.29%) today on low volume. Today's closing price of 35.95 marks the lowest close since August 2nd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 36.09, the market confirms its breakout through the previous session's low having traded A$0.19 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (WPL.AX as at Aug 10, 2018):
Friday's trading range was A$0.65 (1.78%), that's far above last trading month's daily average range of A$0.47. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Regardless of a strong opening Woodside Petroleum closed below the prior day's open and close, forming a bearish Engulfing Candle.
Prices are trading close to a key support level at 35.78. After having been unable to move above 36.60 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 36.55.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 35.78 where further sell stops could get activated.