IMB.L closes higher for the 2nd day in a row


Imperial Brands (IMB.L) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
Traders officially love to sell IMB.L against 2625.00 level
IMB.L fails to close above 100-day moving average
IMB.L closes higher for the 2nd day in a row
IMB.L still stuck within tight trading range
IMB.L closes within previous day's range
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

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.

Daily chart for IMB.L
Volatility

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.

Price Action

Notwithstanding a weak opening the market managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

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.

Trend

The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

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.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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