WPL.AX breaks below prior session low


Woodside Petroleum Ltd (WPL.AX) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
WPL.AX dominated by bears dragging the market lower throughout the day
WPL.AX closes lower for the 3rd day in a row
WPL.AX ends the day on a bearish note closing near the low of the day
WPL.AX runs into sellers again around 36.55
WPL.AX breaks below previous session low
TQ Sentiment
Report Sentiment: 55% Bearish
Technical Forecast:
Overview

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 chart for WPL.AX
Volatility

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.

Price Action

Regardless of a strong opening Woodside Petroleum closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

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.

Trend

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

Order Flow

Selling might accelerate should prices move below the nearby swing low at 35.78 where further sell stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.

Market Conditions for Woodside Petroleum Ltd
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
Learn more about TQ Pro
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Woodside Petroleum Ltd traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Signup
Stocks Top Movers
BTCUSD 6,266.7342.19 0.68%
TBOND 144.5620.687 0.48%
ASX 6,329.0029.40 0.47%
EURUSD 1.13460.0002 0.02%
DXY 96.580-0.025 -0.03%
GBPUSD 1.2696-0.0026 -0.20%
ETHUSD 279.29-0.83 -0.30%
USDJPY 110.74-0.41 -0.37%
NATGAS 2.939-0.016 -0.54%
Start your day with the facts moving the markets
By clicking "Subscribe", you agree to our terms and privacy policy.

Related Stocks

ABBV 10 day candlestick chart for ABBV97.45 1.53
1.60%
ACN 10 day candlestick chart for ACN160.41 -0.83
-0.51%
ADBE 10 day candlestick chart for ADBE250.52 -5.53
-2.16%
AAP 10 day candlestick chart for AAP158.03 1.90
1.22%
AES 10 day candlestick chart for AES13.49 -0.01
-0.07%
AET 10 day candlestick chart for AET197.29 0.34
0.17%
AFL 10 day candlestick chart for AFL46.29 -0.22
-0.47%
AMG 10 day candlestick chart for AMG145.43 -1.20
-0.82%
A 10 day candlestick chart for A64.73 -2.02
-3.03%
ABT 10 day candlestick chart for ABT63.47 -0.16
-0.25%