ITRK.L closes within previous day's range after lackluster session
Intertek (ITRK.L) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ITRK.L finished the week -6.23% lower at 4455.00 after gaining £20.00 (0.45%) today, outperforming the FTSE 100 (-0.16%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ITRK.L as at Oct 12, 2018):
Friday's trading range has been £88.00 (1.98%), that's below the last trading month's daily average range of £128.70. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for ITRK.L.
Two candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern and one neutral pattern, the Doji.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 4797.20. The last time this happened on September 20th, ITRK.L gained 3.15% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Doji" stand out. While it is usually interpreted as neutral, it has actually shown to be bearish for Intertek. Out of 146 times, ITRK.L closed lower 54.79% of the time on the next trading day after the market condition occurred.