IMB.L pops to highest close since November 16, 2018


Imperial Brands (IMB.L) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team

Highlights

IMB.L rises to highest close since November 16, 2018
IMB.L dominated by bulls lifting the market higher throughout the day
IMB.L closes higher for the 3rd day in a row
IMB.L pushes through Tuesday's high

Overview

Moving higher for the 3rd day in a row, IMB.L ended Wednesday at 2625.50 gaining £47.00 (1.82%), significantly outperforming the FTSE 100 (0.81%). Today's close at 2625.50 marks the highest recorded closing price since November 16, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 2612.00, Imperial Brands confirmed its breakout through the prior session high after trading up to £18.50 above it intraday.

Daily Candlestick Chart (IMB.L as at Feb 13, 2019):

Daily technical analysis candlestick chart for Imperial Brands (IMB.L) as at Feb 13, 2019

Wednesday's trading range has been £44.50 (1.72%), that's slightly below the last trading month's daily average range of £54.48. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for IMB.L.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Monday, IMB.L gained 0.08% on the following trading day.

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Imperial Brands. Out of 152 times, IMB.L closed higher 50.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.26% with an average market move of 0.23%.


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