WPL.AX pushes through key resistance level


Woodside Petroleum Ltd (WPL.AX) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
WPL.AX pushes through key resistance level
WPL.AX closes higher for the 2nd day in a row
WPL.AX rises to highest close since January 15th
WPL.AX still stuck within tight trading range
WPL.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 20% Bullish
Technical Forecast:
Overview

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 chart for WPL.AX
Volatility

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.

Support/Resistance

Breaking through the key resistance level at 34.28 today, it is now likely to act as support going forward.

Trend

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

Order Flow

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.

Conclusion

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

Market Conditions for Woodside Petroleum Ltd
Condition Forecast Direction Win Avg Worst Best Events
Morning Star TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

WPL.AX ends the day indecisive

Aug 14, 2018
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