IMB.L runs into sellers around 2979.50 for the third day in a row
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 2982.00 where further buy stops might get activated.
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
|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|
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