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 | by Techniquant Editorial Team


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


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 Candlestick Chart (BATS.L as at May 17, 2018):

Daily technical analysis candlestick chart for British American Tobacco p.l.c. (BATS.L) as at May 17, 2018

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.

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.

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

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.

Market Conditions for BATS.L as at May 17, 2018

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