IMB.L breaks below prior session low


Imperial Brands (IMB.L) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
Traders officially love to buy IMB.L around 2869.00 level
IMB.L closes below its opening price unable to hold early session gains
IMB.L unable to break through key resistance level
IMB.L ends the day on a bearish note closing near the low of the day
IMB.L breaks below previous session low
TQ Sentiment
Report Sentiment: 60% Bearish
Technical Forecast:
Overview

IMB.L finished the week -0.74% lower at 2869.00 after losing £33.50 (-1.15%) today. Today's closing price of 2869.00 marks the lowest close since July 2nd. Trading £25.50 higher after the open, Imperial Brands was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 2876.00, the stock confirms its breakout through the prior session's low having traded £7.00 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for IMB.L
Volatility

Friday's trading range was £59.00 (2.03%), that's slightly above last trading month's daily average range of £52.33. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being 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 bearish Outside Bar. Despite a strong opening the market closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 2865.00. Unable to break through the key technical resistance level at 2927.50, the share closed below it after spiking as high as 2928.00 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. IMB.L was bought again around 2869.00 after having seen lows at 2876.00, 2869.00 and 2874.50 in the last three trading sessions. Obviously there is something going on at that level.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Selling could speed up should prices move below the close-by swing low at 2869.00 where further sell stops might get activated. As prices are trading close to July's low at 2799.00, downside momentum could accelerate should Imperial Brands mark new lows for the month.

Conclusion

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

Market Conditions for Imperial Brands
ConditionForecastDirectionWinAvgWorstBestEvents
Closed above last periods high TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
3 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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