WPL.AX closes higher for the 3rd day in a row
Woodside Petroleum Ltd (WPL.AX) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, WPL.AX finished Wednesday at 34.86 gaining $0.26 (0.75%), strongly outperforming the ASX 50 (-0.44%). Today's close at 34.86 marks the highest recorded closing price since October 22, 2018. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (WPL.AX as at Feb 13, 2019):
Wednesday's trading range has been $0.32 (0.92%), that's far below the last trading month's daily average range of $0.50. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for WPL.AX.
After trading down to 34.65 earlier during the day, Woodside Petroleum bounced off the key technical support level at 34.84 (S1). The failure to close below the support could increase that levels importance as support going forward. When prices bounced off a significant support level the last time on January 17th, WPL.AX gained 0.44% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Woodside Petroleum. Out of 158 times, WPL.AX closed higher 58.86% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after two trading days, showing a win rate of 51.90% with an average market move of -0.00%.