IMB.L closes below its opening price unable to hold early session gains
Imperial Brands (IMB.L) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, IMB.L ended the week -3.06% lower at 2617.50 after losing £6.50 (-0.25%) today. Trading £30.50 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 within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (IMB.L as at Sep 14, 2018):
Friday's trading range was £58.00 (2.2%), that's slightly above last trading month's daily average range of £55.48. Weekly volatility is also higher, being above the markets average with the monthly volatility being way above average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
After having been unable to move lower than 2606.00 in the previous session, the share found buyers again around the same price level today at 2606.50.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling could accelerate should prices move below the close-by swing low at 2568.50 where further sell stops might get triggered.