JMAT.L breaks key support level


Johnson Matthey (JMAT.L) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
JMAT.L tanks -1.84% on low volume
JMAT.L breaks key support level
JMAT.L finds buyers around 3674.00 for the third day in a row
JMAT.L dominated by bears dragging the market lower throughout the day
JMAT.L breaks below 50-day moving average
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

JMAT.L finished the week 0.24% higher at 3683.00 after tanking £69.00 (-1.84%) today on low volume. This is the biggest single day loss in over a week. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for JMAT.L
Volatility

Friday's trading range was £78.00 (2.08%), that's above last trading month's daily average range of £61.55. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Price Action

Regardless of a strong opening Johnson Matthey closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Breaking below the key support level at 3692.00 today, it is now likely to act as resistance going forward. The stock found buyers again today around 3674.00 for the third trading day in a row after having found demand at 3678.00 in the previous session and at 3668.00 two days ago.

Trend

While the share is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. The market broke below the 50-day moving average at 3686.94 today for the first time since August 6th.

Order Flow

Selling could speed up should prices move below the nearby swing low at 3638.00 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Johnson Matthey
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

JMAT.L closes within prior day's range

Aug 17, 2018
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