GFS.L unable to break through key resistance level

G4S plc (GFS.L) Technical Analysis Report for Jul 13, 2018

Highlights

GFS.L runs into sellers around 275.80 for the third day in a row
GFS.L dominated by bears dragging the market lower throughout the day
GFS.L unable to break through key resistance level
GFS.L ends the day on a bearish note closing near the low of the day
GFS.L closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment:
66% Bearish
Technical Forecast:
TQ Pro Only
See the overall Technical Analysis forecast for today.

Overview

GFS.L finished the week 1.9% higher at 273.00 after edging lower £0.60 (-0.22%) today on low volume. 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 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 GFS.L

Volatility

Friday's trading range was £2.80 (1.02%), that's far below last trading month's daily average range of £4.77. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Unable to break through the key technical resistance level at 275.50, the market closed below it after spiking as high as 275.80 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. The stock ran into sellers again today around 275.80 for the third trading day in a row after having found sellers at 275.50 in the previous session and at 275.10 two days ago.

Trend

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

Order Flow

Selling could accelerate should prices move below the close-by swing low at 268.10 where further sell stops might get triggered.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.

Market Conditions for G4S plc

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