Trading: SELL @ $32.08
Signal Strength: STRONG
Indicator CAN BE USED in additional to another technical indicator to confirmation for trading position. Indicator can be applied to the short term timeframe but is only able to give and indication of the strength of the buyers versus sellers at the market close. This Japanese candlestick indicator can provide guidance on the short term battle between sellers and buyers from the companies recent trading.
Wesfarmers (ASX:WES) has formed a new Bear Tasuki pattern.
A candlestick formation that is commonly used to signal the continuation of the current downtrend. The pattern is formed when a series of candlesticks have demonstrated the following characteristics:
Calculation: Bear Tasuki Candlestick Pattern:
1) The first bar is a red candlestick within a defined downtrend;
2) The second bar is another red candlestick that has gapped below the close of the previous bar;
3) The last bar is a white candlestick that closes within the gap of the first two bars;
4) It is important to note that the white candle does not need to fully close the gap;
PROFILE: Wesfarmers (WES.AX)
Stock Exchange: ASX
Ticker Codes: | WES.AX | ASX:WES |
Wesfarmers Limited engages in the retail, coal mining and production, gas processing and distribution, industrial and safety product distribution, chemicals and fertilizers manufacturing, and investment businesses in Australia, New Zealand, the United Kingdom, and internationally. The company operates 801 Coles supermarkets; 883 liquor stores under the Liquorland, Vintage Cellars, and First Choice Liquor brands; 89 hotels; 702 convenience outlets; and an online supermarket. It also offers home, car, and landlord insurance products, as well as credit cards; home improvement and outdoor living products through warehouse stores, smaller format stores, trade centers, and frame and truss sites under the Bunnings name; apparel, homewares, and general merchandise through 303 Target stores and 220 Kmart stores, as well as through online; automotive services, repairs, and tires through 251 Kmart Tyre & Auto Service centers; and office products and solutions through Officeworks stores. In addition, the company supplies building materials; retails office and technology products; manufactures and supplies ammonia, ammonium nitrate, industrial chemicals, sodium cyanide, polyvinyl chloride resins, and wood-plastic composite decking and screening products; extracts and distributes LPG and LNG; and manufactures, imports, and distributes phosphate, nitrogen, and potassium-based fertilizers. Further, the company supplies industrial supplies and safety products; provides risk management and compliance services; offers industrial and corporate workwear; distributes industrial gas; and holds interests in the Curragh and the Bengalla coal mines. Wesfarmers Limited was founded in 1914 and is based in Perth, Australia.
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