IMB.L closes higher for the 2nd day in a row
Moving higher for the 2nd day in a row, IMB.L finished Thursday at 2608.00 gaining £17.50 (0.68%) on high volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Thursday's trading range was £61.50 (2.39%), that's far above last trading month's daily average range of £46.52. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 2560.00 and 2627.50 which it has been in now for the last trading week.
Notwithstanding a weak opening the market managed to close above the prior day's open and close, forming a bullish Engulfing Candle.
Prices are trading close to the key resistance level at 2630.00. Imperial Brands was sold again around 2625.00 after having seen highs at 2627.00, 2627.00 and 2627.50 in the last three trading sessions. Obviously there is something going on at that level. After spiking up to 2625.00 during the day, the share found resistance at the 100-day moving average at 2620.32.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Buying might accelerate should prices move above the nearby swing high at 2627.50 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 2560.00 where further sell stops could get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.
Market Conditions for Imperial Brands
|Bearish Break through SMA 50||TQ Pro Members Only|
|Down Close Near Low of Period||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
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