WPL.AX closes within previous day's range after lackluster session
Woodside Petroleum Ltd (WPL.AX) Technical Analysis Report for Sep 14, 2018
Moving higher for the 5th day in a row, WPL.AX finished the week 4.62% higher at 36.91 after gaining A$0.16 (0.44%) today. Today's closing price of 36.91 marks the highest close since August 30th. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Friday's trading range was A$0.38 (1.04%), that's below last trading month's daily average range of A$0.54. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 36.46. Prices are trading close to the key resistance level at 37.14. After having been unable to move lower than 36.67 in the previous session, the stock found buyers again around the same price level today at 36.65.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 37.14 where further buy stops could get triggered. With prices trading close to this year's high at 37.82, upside momentum might accelerate should Woodside Petroleum be able to break out to new highs for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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