HLMA.L finds buyers again around 1380.00

Halma (HLMA.L) Technical Analysis Report for Sep 14, 2018

Highlights

HLMA.L rallies 1.23% closing £17.00 higher
HLMA.L pushes through key resistance level
HLMA.L closes above its opening price after recovering from early selling pressure
HLMA.L pushes through 50-day moving average
HLMA.L ends the day on a bullish note closing near the high of the day

TQ Sentiment

Report Sentiment: 63% Bullish
Technical Forecast:

Overview

HLMA.L finished the week 0.72% higher at 1400.00 after surging £17.00 (1.23%) today. This is the biggest single day gain in over a month. Today's closing price of 1400.00 marks the highest close since September 6th. Trading up to £12.00 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 1396.00, the share confirms its breakout through the previous session's high having traded £4.00 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 HLMA.L

Volatility

Friday's trading range was £20.00 (1.44%), that's slightly above last trading month's daily average range of £18.05. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 1380.00 and 1409.00 which it has been in now for the last trading week.

Support/Resistance

Breaking through the key resistance level at 1398.00 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 1413.00. After having been unable to move lower than 1380.00 in the prior session, the market found buyers again around the same price level today at 1380.00.

Trend

Although Halma is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. HLMA.L managed to break above the 50-day moving average at 1399.48 today for the first time since July 26th.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 1400.00 where further buy stops might get activated.

Conclusion

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

Market Conditions for Halma

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