LLL closes within prior day's range


Technical Analysis Report for LLL - May 17, 2018 [< 1 min read]
Highlights
LLL closes higher for the 3rd day in a row
LLL closes within previous day's range
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 3rd day in a row, LLL finished Thursday at 193.95 gaining $0.58 (0.3%) on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.

Daily chart for LLL
Volatility

Thursday's trading range was $3.49 (1.82%), that's slightly below last trading month's daily average range of $4.79. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way above average.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Despite a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Trend

While the share is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 196.75 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 190.47 where further sell stops could get triggered. As prices are trading close to May's high at 199.20, upside momentum might accelerate should L-3 Communications mark new highs for the month.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
3 Consecutive Higher Closes TQ Pro Members Only
Bullish Engulfing Candle TQ Pro Members Only
Bullish Outside Bar TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
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