GFS.L finds buyers again around 250.00
GFS.L finished Monday at 250.70 edging higher £0.20 (0.08%) on low volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was £2.70 (1.08%), that's far below last trading month's daily average range of £4.37. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average.
Unable to break through the key technical resistance level at 251.20, G4S closed below it after spiking as high as 252.70 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move lower than 250.40 in the previous session, the stock found buyers again around the same price level today at 250.00.
While the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Buying could accelerate should prices move above the nearby swing high at 254.80 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 246.80 where further sell stops might get activated.
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 G4S plc
|Close near high of period||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Bullish Bounce off SMA 20||TQ Pro Members Only|
|Bullish Harami Candle||TQ Pro Members Only|
|Bullish Break through SMA 50||TQ Pro Members Only|
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