ITV.L pushes through key resistance level
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.
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.
Breaking through the key resistance level at 172.45 today, it is now likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.
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
|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|
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