IMB.L closes below its opening price unable to hold early session gains

Imperial Brands (IMB.L) Technical Analysis Report for Sep 14, 2018

Highlights

IMB.L closes below its opening price unable to hold early session gains
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 finds buyers again around 2606.50
IMB.L closes within previous day's range

TQ Sentiment

Report Sentiment: 28% Bearish
Technical Forecast:

Overview

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 chart for IMB.L

Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Selling could accelerate should prices move below the close-by swing low at 2568.50 where further sell stops might get triggered.

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 Rate Exit Day Events
Low close to previous two Lows TQ Pro Members Only
Low close to previous low TQ Pro Members Only
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