WRK runs into sellers again around 28.77
Westrock Company (WRK) Technical Analysis Report for Mar 27, 2020 | by Techniquant Editorial Team
WRK finished the week 9.29% higher at 27.89 after edging lower $0.50 (-1.76%) today on low volume, but still significantly outperforming the S&P 500 (-3.37%). 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 Mar 27, 2020):
Friday's trading range has been $1.90 (6.96%), that's below the last trading month's daily average range of $2.47. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for WRK. Prices continued to consolidate within a tight trading range between 24.51 and 28.77 where it has been caught now for the whole last trading week.
Prices are trading close to the key technical support level at 26.35 (S1). Prices are trading close to the key technical resistance level at 29.02 (R1). After having been unable to move above 28.69 in the previous session, the share ran into sellers again around the same price level today, missing to move higher than 28.77. The last time this happened on March 20th, WRK lost -2.78% on the following trading day.
Though the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.