INF.L closes higher for the 2nd day in a row
Informa (INF.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, INF.L finished Thursday at 834.60 gaining £14.80 (1.81%) on high volume. Today's closing price of 834.60 marks the highest close since Inception. Trading up to £16.80 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 833.80, the market confirms its breakout through the prior session's high having traded £0.80 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (INF.L as at Jun 14, 2018):
Thursday's trading range was £31.20 (3.8%), that's far above last trading month's daily average range of £15.62. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way above average.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.
After trading as low as 803.40 during the day, the share bounced off the key support level at 813.60. The failure to close below the support could increase that levels importance as support going forward. Informa was sold again around 834.60 after having seen highs at 833.80, 834.40 and 832.60 in the last three trading sessions. Obviously there is something going on at that level.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.