GFS.L dominated by bulls lifting the market higher throughout the day


G4S plc (GFS.L) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
GFS.L dominated by bulls lifting the market higher throughout the day
GFS.L finds buyers at key support level
GFS.L pushes through 100-day moving average
GFS.L finds support at 20-day moving average
GFS.L closes higher for the 2nd day in a row
TQ Sentiment
Report Sentiment: 80% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, GFS.L ended Thursday at 266.00 gaining £3.60 (1.37%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 264.30, the stock confirms its breakout through the prior session's high having traded £1.90 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for GFS.L
Volatility

Thursday's trading range was £5.80 (2.21%), that's slightly above last trading month's daily average range of £4.89. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Regardless of a weak opening G4S managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

After trading as low as 260.40 during the day, the market bounced off the key support level at 262.10. The failure to close below the support might increase that levels importance as support going forward. After trading as low as 260.40 during the day, the share found support at the 20-day moving average at 260.51.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. GFS.L managed to break above the 100-day moving average at 263.01 today for the first time since May 11th.

Order Flow

Buying could speed up should prices move above the nearby swing high at 270.80 where further buy stops might get activated. Trading close to March's high at 274.50 we could see further upside momentum if potential buy stops at the level get triggered.

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 G4S plc
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
Black Candle TQ Pro Members Only
High close to previous High TQ Pro Members Only
High close to previous three Highs TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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