ITV.L pushes through key resistance level
ITV plc (ITV.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (ITV.L as at Jun 14, 2018):
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.