ITV.L closes within previous day's range after lackluster session
ITV plc (ITV.L) Technical Analysis Report for Sep 14, 2018
ITV.L finished the week 0.88% higher at 159.80 after gaining £0.55 (0.35%) today. Trading £1.20 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was £1.80 (1.13%), that's below last trading month's daily average range of £2.51. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to a key support level at 159.15.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Buying could speed up should prices move above the nearby swing high at 162.50 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 158.30 where further sell stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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