IMB.L runs into sellers around 2979.50 for the third day in a row


Imperial Brands (IMB.L) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
IMB.L runs into sellers around 2979.50 for the third day in a row
IMB.L closes lower for the 2nd day in a row
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: 50% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, IMB.L ended the week 0.55% higher at 2945.00 after losing £29.50 (-0.99%) today on low volume. Closing below Thursday's low at 2955.50, the stock confirms its breakout through the previous session's low having traded £16.83 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 £40.83 (1.37%), that's below last trading month's daily average range of £50.12. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 2933.50. The share ran into sellers again today around 2979.50 for the third trading day in a row after having found sellers at 2981.50 in the prior session and at 2982.00 two days ago.

Trend

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

Order Flow

Buying could accelerate should prices move above the close-by swing high at 2982.00 where further buy stops might get activated.

Conclusion

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

Market Conditions for Imperial Brands
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Black Candle TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

IMB.L finds buyers at key support level

Aug 15, 2018
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