BA.L pushes through 20-day moving average

BAE Systems (BA.L) Technical Analysis Report for Sep 14, 2018

Highlights

BA.L rallies 2.49% on high volume
BA.L pushes through key resistance level
BA.L dominated by bulls lifting the market higher throughout the day
BA.L pushes through 20-day moving average
BA.L ends the day on a bullish note closing near the high of the day

TQ Sentiment

Report Sentiment: 80% Bullish
Technical Forecast:

Overview

BA.L ended the week 0.97% higher at 626.00 after surging £15.20 (2.49%) today on high volume. This is the biggest single day gain in over four months. Today's closing price of 626.00 marks the highest close since August 20th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 618.00, BAE Systems confirms its breakout through the prior session's high having traded £8.40 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 BA.L

Volatility

Friday's trading range was £16.40 (2.69%), that's far above last trading month's daily average range of £8.07. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.

Price Action

Even with a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Breaking through the key resistance level at 622.20 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 631.20. After having been unable to move lower than 609.40 in the prior session, the stock found buyers again around the same price level today at 610.00.

Trend

The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. BA.L managed to break above the 20-day moving average at 616.18 today for the first time since September 7th.

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 BAE Systems

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