Western Areas (WSA)

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Western Areas (WSA): Signals

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TECHNICAL ANALYSIS SUMMARY

Western Areas (WSA.AX)


Indicator:

OPEN CLOSE CHANGE


Last Signal:

NEUTRAL


Trading: NO POSITION @ $2.37
Signal Strength: WEAK
Recommendation:

Indicator MUST BE USED in additional to another technical indicator to confirmation for trading entry. 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 bar analysis can provide guidance on the daily battle between sellers and buyers from the companies recent trading.


Western Areas (ASX:WSA) opened in the middle part of daily range at 41.7% & closed in the middle part of the trading range at 50%. This suggests that neither side is committed. Over the last 12 months there has been 2 trading days with the opening price in the middle shadow & the closing the price in the middle shadow giving a confirmation ratio of 0.8%. Over the last month there has been 2 trading days with the opening price in the middle price range & the closing the price in the middle price range giving a confirmation ratio of 14.3%.



The opening and closing bar positions can add depth to assess whether buyers of sellers commitment is changing and thus which side is in control at the close of the trading session.

Calculation: Open Today Versus Close Today (OTCT):
1) If the market opens near the low and closes near the high the buyers have had control during the entire day;
2) If the market opens near the high and closes near the low the sellers have had control during the entire day;
3) If the market opens near one extreme of the range and closes near the middle of the range the side who started in control has lost commitment;
4) If the market opens near one extreme and closes near the same extreme the side who started in control has lost control;
5) If the market opens near the middle of the range and closes near one extreme control has swung to the buyers;
6) If the close is near the high and if the close is near the low the control has swung to the sellers;
7) If the market opens near the middle of the range and closes similarly neither side is strongly committed;


PROFILE: Western Areas (WSA.AX)


Stock Exchange: ASX
Company: Western Areas
Ticker Codes: | WSA.AX | ASX:WSA |

About Western Areas (ASX:WSA):

Western Areas Limited engages in the mining, processing, and sale of nickel sulphide concentrates. The company develops high grade nickel mines; and explores for nickel sulphides and other base metals in Australia, Canada, and Finland. Its flagship property is the Forrestania project located in Australia. The company was founded in 1999 and is headquartered in West Perth, Australia.

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