JMAT.L climbs to highest close since Inception
Johnson Matthey (JMAT.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, JMAT.L finished Thursday at 3823.00 edging higher £1.00 (0.03%). Today's closing price of 3823.00 marks the highest close since Inception. Trading up to £33.00 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (JMAT.L as at Jun 14, 2018):
Thursday's trading range was £74.00 (1.95%), that's slightly below last trading month's daily average range of £96.60. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way above average.
After trading as low as 3762.00 during the day, the stock bounced off the key support level at 3781.00. The failure to close below the support might increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 3873.00 where further buy stops might get activated.