BATS.L dominated by bears dragging the market lower throughout the day


British American Tobacco p.l.c. (BATS.L) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
BATS.L runs into sellers around 4221.50 for the third day in a row
BATS.L dominated by bears dragging the market lower throughout the day
BATS.L closes lower for the 2nd day in a row
BATS.L ends the day on a bearish note closing near the low of the day
BATS.L falls to lowest close since August 2nd
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, BATS.L ended the week -0.84% lower at 4154.50 after losing £39.50 (-0.94%) today. Today's closing price of 4154.50 marks the lowest close since August 2nd. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. 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 £72.00 (1.71%), that's slightly below last trading month's daily average range of £81.62. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to a key support level at 4117.00. Prices are trading close to the key resistance level at 4203.50. The stock ran into sellers again today around 4221.50 for the third trading day in a row after having found sellers at 4219.00 in the previous session and at 4222.00 two days ago.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying might speed up should prices move above the nearby swing high at 4222.00 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 4130.50 where further sell stops could get triggered. Further buying might move prices higher should the market test July's nearby high at 4265.00.

Conclusion

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

Market Conditions for British American Tobacco p.l.c.
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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