SDR.L pushes through key resistance level
Schroders PLC (SDR.L) Technical Analysis Report for May 17, 2018
SDR.L ended Thursday at 3449.00 gaining £23.00 (0.67%) on low volume. Today's closing price of 3449.00 marks the highest close since February 27th. Closing above Wednesday's high at 3441.00, the share confirms its breakout through the previous session's high having traded £18.00 above it intraday.
Daily Candlestick Chart (SDR.L as at May 17, 2018):
Thursday's trading range was £36.00 (1.05%), that's slightly below last trading month's daily average range of £39.80. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Breaking through the key resistance level at 3435.00 today, it is now likely to act as support going forward. After trading as low as 3423.00 during the day, the market found support at the 100-day moving average at 3426.79.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already. Schroders managed to break above the 100-day moving average at 3426.79 today for the first time since May 15th.
Buying could accelerate should prices move above the close-by swing high at 3476.00 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 3405.00 where further sell stops might get triggered.