SDR.L closes higher for the 2nd day in a row
Schroders PLC (SDR.L) Technical Analysis Report for Jul 13, 2018
Moving higher for the 2nd day in a row, SDR.L finished the week -1.68% lower at 3161.00 after gaining £14.00 (0.44%) today. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.
Friday's trading range was £31.00 (0.98%), that's below last trading month's daily average range of £52.15. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being below average.
Prices are trading close to a key support level at 3140.00. After trading as low as 3150.00 during the day, the share found support at the 20-day moving average at 3158.20.
Though Schroders 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. The market managed to break above the 20-day moving average at 3158.20 today for the first time since July 5th.
Selling might speed up should prices move below the nearby swing low at 3124.00 where further sell stops could get triggered. With prices trading close to this year's low at 3069.00, downside momentum might accelerate should the stock break out to new lows for the year. As prices are trading close to July's low at 3100.00, downside momentum could speed up should SDR.L mark new lows for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.