AHT.L rockets 2.57% closing £60.00 higher

Ashtead Group (AHT.L) Technical Analysis Report for Sep 14, 2018

Highlights

AHT.L rallies 2.57% closing £60.00 higher
AHT.L pushes through key resistance level
AHT.L dominated by bulls lifting the market higher throughout the day
AHT.L pushes through 50-day moving average
AHT.L finds support at 50-day moving average

TQ Sentiment

Report Sentiment: 70% Bullish
Technical Forecast:

Overview

AHT.L finished the week 6.02% higher at 2394.00 after surging £60.00 (2.57%) today. This is the biggest single day gain in over three days. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 2386.00, the share confirms its breakout through the previous session's high having traded £8.00 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for AHT.L

Volatility

Friday's trading range was £49.00 (2.08%), that's slightly above last trading month's daily average range of £44.70. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly below average.

Support/Resistance

Breaking through the key resistance level at 2368.00 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 2419.00. After having been unable to move above 2386.00 in the prior session, Ashtead Group ran into sellers again around the same price level today, failing to move higher than 2394.00. After trading as low as 2345.00 during the day, the market found support at the 50-day moving average at 2350.18.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The stock managed to break above the 50-day moving average at 2350.18 today for the first time since September 11th.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 2445.00 where further buy stops might get activated. With prices trading close to this year's high at 2447.00, upside momentum could speed up should AHT.L be able to break out to new highs for the year.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.

Market Conditions for Ashtead Group

Condition Forecast Direction Win Rate Exit Day Events
Close near low of period TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bearish Break through SMA 20 TQ Pro Members Only
Bearish Break through SMA 50 TQ Pro Members Only
High close to previous High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

AHT.L breaks below previous session low

Sep 17, 2018
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