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 May 17, 2018 [1 min read]
Highlights
BATS.L closes below its opening price unable to hold early session gains
BATS.L fails to close above 20-day moving average
BATS.L ends the day on a bearish note closing near the low of the day
BATS.L finds buyers again around 3814.00
BATS.L closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 37% Bearish
Technical Forecast:
Overview

BATS.L finished Thursday at 3815.00 losing £25.00 (-0.65%) on high volume. Trading £44.50 higher after the open, BATS was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior 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

Thursday's trading range was £55.00 (1.44%), that's below last trading month's daily average range of £91.90. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way below average.

Support/Resistance

Prices are trading close to a key support level at 3775.00. After having been unable to move lower than 3809.00 in the previous session, the market found buyers again around the same price level today at 3814.00. After spiking up to 3869.00 during the day, the stock found resistance at the 20-day moving average at 3854.22.

Trend

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

Order Flow

Buying might accelerate should prices move above the nearby swing high at 3878.50 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 3800.50 where further sell stops could get triggered.

Conclusion

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

Market Conditions for British American Tobacco p.l.c.
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
Bearish Bounce off SMA 100 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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