AHT.L rockets 2.57% closing £60.00 higher

Ashtead Group (AHT.L) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team


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


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 Candlestick Chart (AHT.L as at Sep 14, 2018):

Daily technical analysis candlestick chart for Ashtead Group (AHT.L) as at Sep 14, 2018

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.

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.

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.

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.

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