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 | by Techniquant Editorial Team


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


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 Candlestick Chart (BATS.L as at Jul 13, 2018):

Daily technical analysis candlestick chart for British American Tobacco p.l.c. (BATS.L) as at Jul 13, 2018

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.

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.

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

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.

Market Conditions for BATS.L as at Jul 13, 2018

Loading Market Conditions for BATS.L (British American Tobacco p.l.c.)...
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