SGE.L finds buyers at key support level
SGE.L finished the week 1.82% higher at 672.00 after losing £1.20 (-0.18%) today. Trading up to £2.80 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was £4.80 (0.72%), that's far below last trading month's daily average range of £12.39. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 661.60 and 673.20 which it has been in now for the last three days.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
After trading as low as 668.20 during the day, the share bounced off the key support level at 669.20. The failure to close below the support could increase that levels importance as support going forward. Sage Group was sold again around 673.00 after having seen highs at 673.20, 672.00 and 672.20 in the last three trading sessions. Obviously there is something going on at that level.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 673.20 where further buy stops could get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Sage Group
|2 Consecutive Lower Closes||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
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