ADS dominated by bulls lifting the market higher throughout the day
Alliance Data Systems (ADS) Technical Analysis Report for Apr 16, 2018
ADS ended Monday at 210.55 gaining $4.57 (2.22%). Today's closing price of 210.55 marks the highest close since March 29th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 207.65, the stock confirms its breakout through the previous session's high having traded $4.55 above it intraday.
Monday's trading range was $5.20 (2.51%), that's slightly above last trading month's daily average range of $5.08. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 204.91 and 212.20 which it has been in now for the last trading week.
Unable to break through the key technical resistance level at 211.25, the share closed below it after spiking as high as 212.20 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
Although the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
With prices trading close to this year's low at 203.67, downside momentum could speed up should ADS break out to new lows for the year. As prices are trading close to April's high at 214.04, upside momentum might accelerate should the stock mark new highs for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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