NMC.L closes below its opening price unable to hold early session gains


NMC Health Plc (NMC.L) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
NMC.L closes below its opening price unable to hold early session gains
NMC.L runs into sellers again around 4060.00
NMC.L closes within previous day's range
NMC.L ends the day indecisive
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

NMC.L ended the week 3.56% higher at 4012.00 after losing £38.00 (-0.94%) today on high volume. Trading £32.00 higher after the open, the share 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. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for NMC.L
Volatility

Friday's trading range was £60.00 (1.49%), that's slightly below last trading month's daily average range of £69.40. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly below average.

Price Action

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. After moving higher in the prior session, NMC Health closed lower but above the previous day's open today, forming a bearish Harami Candle.

Support/Resistance

Prices are trading close to the key resistance level at 4070.00. After having been unable to move above 4070.00 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 4060.00.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 4070.00 where further buy stops might get activated.

Conclusion

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

Market Conditions for NMC Health Plc
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Bearish Hikkake Pattern TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
52 Week High TQ Pro Members Only
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