BATS.L unable to break through key resistance level
British American Tobacco p.l.c. (BATS.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BATS.L ended Thursday at 3734.50 gaining £18.50 (0.5%). Closing above Wednesday's high at 3729.50, BATS confirms its breakout through the prior session's high having traded £29.50 above it intraday.
Daily Candlestick Chart (BATS.L as at Jun 14, 2018):
Thursday's trading range was £97.00 (2.63%), that's above last trading month's daily average range of £79.71. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly below average.
Unable to break through the key technical resistance level at 3744.00, the stock closed below it after spiking as high as 3759.00 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 3817.50 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 3646.50 where further sell stops might get triggered.