BA..L pushes through prior session high
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.
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.
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.
Prices are trading close to a key support level at 644.20. Prices are trading close to the key resistance level at 655.60.
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.
Buying might speed up should prices move above the nearby swing high at 654.40 where further buy stops could get triggered.
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
|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|
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