WSA.AX unable to break through key resistance level
Western Areas Limited (WSA.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
WSA.AX ended the week 6.14% higher at 3.63 after gaining A$0.10 (2.83%) today. Today's closing price of 3.63 marks the highest close since July 2nd. Closing above Thursday's high at 3.55, Western Areas confirms its breakout through the prior session's high having traded A$0.15 above it intraday.
Daily Candlestick Chart (WSA.AX as at Jul 13, 2018):
Friday's trading range was A$0.12 (3.35%), that's above last trading month's daily average range of A$0.10. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly below average.
Breaking through the key resistance level at 3.59 today, it is now likely to act as support going forward. Unable to break through the key technical resistance level at 3.66, the stock closed below it after spiking as high as 3.70 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying could move prices higher should the market test June's close-by high at 3.74.