FRES.L stuck within tight trading range


Fresnillo plc (FRES.L) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
FRES.L pushes through key resistance level
FRES.L stuck within tight trading range
FRES.L ends the day on a bullish note closing near the high of the day
FRES.L finds buyers again around 1169.50
TQ Sentiment
Report Sentiment: 66% Bullish
Technical Forecast:
Overview

FRES.L ended Thursday at 1206.00 gaining £18.00 (1.52%) on high volume. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for FRES.L
Volatility

Thursday's trading range was £42.00 (3.55%), that's slightly above last trading month's daily average range of £34.95. Weekly volatility is also higher, being way above the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 1168.00 and 1218.00 which it has been in now for the last three days.

Price Action

Even with a weak opening the market managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Breaking through the key resistance level at 1202.00 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 1237.00. After having been unable to move lower than 1168.00 in the previous session, the share found buyers again around the same price level today at 1169.50.

Trend

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

Order Flow

With prices trading close to this year's low at 1150.50, downside momentum might accelerate should Fresnillo plc break out to new lows for the year.

Conclusion

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

Market Conditions for Fresnillo plc
Condition Forecast Direction Win Avg Worst Best Events
3 Consecutive Lower Closes TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
High close to previous High TQ Pro Members Only
RSI(2) below 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

FRES.L breaks below prior session low

Aug 14, 2018
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