WRK closes higher for the 2nd day in a row
Westrock Company (WRK) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, WRK ended the week 1.53% higher at 55.82 after gaining $0.31 (0.56%) today. Today's closing price of 55.82 marks the highest close since August 29th. Trading up to $0.45 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (WRK as at Sep 14, 2018):
Friday's trading range was $0.81 (1.45%), that's slightly above last trading month's daily average range of $0.77. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 54.83 and 56.08 which it has been in now for the last trading week.
Unable to break through the key technical resistance level at 55.93, the market closed below it after spiking as high as 56.08 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After trading as low as 55.27 during the day, the stock found support at the 20-day moving average at 55.31.
Although Westrock Co is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.