WPL.AX pushes through key resistance level
Woodside Petroleum Ltd (WPL.AX) Technical Analysis Report for May 17, 2018
Moving higher for the 2nd day in a row, WPL.AX finished Thursday at 34.29 gaining A$0.23 (0.68%). Today's closing price of 34.29 marks the highest close since January 15th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (WPL.AX as at May 17, 2018):
Thursday's trading range was A$0.46 (1.35%), that's slightly below last trading month's daily average range of A$0.53. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 33.34 and 34.49 which it has been in now for the last trading week.
Breaking through the key resistance level at 34.28 today, it is now likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 34.98, upside momentum might accelerate should the market be able to break out to new highs for the year.