ITV.L pushes through key resistance level


ITV plc (ITV.L) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
ITV.L pushes through key resistance level
ITV.L dominated by bulls lifting the market higher throughout the day
ITV.L closes higher for the 2nd day in a row
ITV.L ends the day on a bullish note closing near the high of the day
ITV.L pushes through previous session high
TQ Sentiment
Report Sentiment: 66% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, ITV.L ended Thursday at 174.65 gaining £2.80 (1.63%). Today's closing price of 174.65 marks the highest close since October 20, 2017. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 172.50, the share confirms its breakout through the prior session's high having traded £2.45 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for ITV.L
Volatility

Thursday's trading range was £4.35 (2.55%), that's far above last trading month's daily average range of £3.24. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.

Support/Resistance

Breaking through the key resistance level at 172.45 today, it is now likely to act as support going forward.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

With prices trading close to this year's high at 176.20, upside momentum could accelerate should the stock be able to break out to new highs for the year.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.

Market Conditions for ITV plc
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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