BA..L pushes through prior session high


BAE Systems (BA..L) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
BA..L dominated by bulls lifting the market higher throughout the day
BA..L pushes through 20-day moving average
BA..L pushes through previous session high
BA..L still stuck within tight trading range
TQ Sentiment
Technical Forecast:
Overview

BA.. L ended Thursday at 650.80 gaining £5.60 (0.87%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 649.80, the market confirms its breakout through the prior session's high having traded £4.60 above it intraday.

Daily chart for BA..L
Volatility

Thursday's trading range was £15.00 (2.34%), that's far above last trading month's daily average range of £8.68. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 639.40 and 654.40 which it has been in now for the last trading week.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Notwithstanding a weak opening the stock managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 644.20. Prices are trading close to the key resistance level at 655.60.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The share managed to break above the 20-day moving average at 646.91 today for the first time since April 5th.

Order Flow

Buying might speed up should prices move above the nearby swing high at 654.40 where further buy stops could get triggered.

Conclusion

Even though both sentiments are bullish for the next trading day, our quantitative statistics are only slightly bullish while the classical technical analysis metrics show a bullish sentiment.

Market Conditions for BAE Systems
ConditionForecastDirectionWinAvgWorstBest
Close to R1 Resistance TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Black Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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