WY drops to lowest close since August 13th
Weyerhaeuser Company (WY) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, WY ended the week unchanged at 34.06 after losing $0.32 (-0.93%) today. Today's closing price of 34.06 marks the lowest close since August 13th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 34.29, the stock confirms its breakout through the previous session's low having traded $0.30 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (WY as at Sep 14, 2018):
Friday's trading range was $0.37 (1.08%), that's below last trading month's daily average range of $0.45. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 33.93.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 33.97 where further sell stops might get triggered. Trading close to July's low at 33.66 we could see further downside momentum if potential sell stops at the level get activated.