WRK closes within previous day's range after lackluster session
Westrock Company (WRK) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
WRK ended the week -15.72% lower at 42.61 after gaining $0.66 (1.57%) today on high volume, slightly outperforming the S&P 500 (1.42%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (WRK as at Oct 12, 2018):
Friday's trading range has been $0.96 (2.25%), that's below the last trading month's daily average range of $1.33. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for WRK.
Four candlestick patterns are matching today's price action, the Homing Pigeon, the Southern Doji and the Takuri Line which are known as bullish patterns and one neutral pattern, the Doji. The last time a Southern Doji showed up on April 9th, WRK gained 2.48% on the following trading day.
After having been unable to move lower than 41.88 in the previous session, the share found buyers again around the same price level today at 41.86.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 51.78.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Homing Pigeon" stand out. Its common bullish interpretation has been confirmed for Westrock Co. Out of 8 times, WRK closed higher 62.50% of the time on the next trading day after the market condition occurred.