BATS.L closes below its opening price unable to hold early session gains


British American Tobacco p.l.c. (BATS.L) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
BATS.L closes below its opening price unable to hold early session gains
BATS.L unable to break through key resistance level
BATS.L fails to close above 100-day moving average
BATS.L ends the day on a bearish note closing near the low of the day
BATS.L closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

BATS.L finished the week 0.56% higher at 3925.50 after edging lower £1.50 (-0.04%) today. Trading £49.00 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for BATS.L
Volatility

Friday's trading range was £65.50 (1.67%), that's below last trading month's daily average range of £85.00. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Unable to break through the key technical resistance level at 3954.50, BATS closed below it after spiking as high as 3980.00 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After spiking up to 3980.00 during the day, the stock found resistance at the 100-day moving average at 3966.26.

Trend

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Selling could speed up should prices move below the nearby swing low at 3869.50 where further sell stops might get triggered. Trading close to May's high at 4003.50 we could see further upside momentum if potential buy stops at the level get activated.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for British American Tobacco p.l.c.
ConditionForecastDirectionWinAvgWorstBestEvents
High close to previous High TQ Pro Members Only
Bullish Bounce off SMA 50 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bullish Spinning Top TQ Pro Members Only
More market conditions identified for TQ Pro members...
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