SGRO.L pushes through key resistance level
SGRO.L ended the week 0.6% higher at 674.00 after gaining £2.60 (0.39%) today. Today's closing price of 674.00 marks the highest close since July 19th.
Friday's trading range was £8.20 (1.22%), that's slightly above last trading month's daily average range of £7.89. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 665.40 and 676.60 which it has been in now for the last trading week.
Breaking through the key resistance level at 671.80 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 677.80. Segro was bought again around 668.40 after having seen lows at 667.80, 667.80 and 667.80 in the last three trading sessions. Obviously there is something going on at that level. After trading as low as 668.40 during the day, the share found support at the 50-day moving average at 668.68.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 682.40, upside momentum might speed up should the stock be able to break out to new highs for the year. Further buying could move prices higher should the market test July's close-by high at 680.20.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
Market Conditions for Segro
|Close to R1 Resistance||TQ Pro Members Only|
|Up Close near high of period||TQ Pro Members Only|
|Bullish Intraday Reversal||TQ Pro Members Only|
|Bounced off Technical Resistance R1||TQ Pro Members Only|
|Close near high of period||TQ Pro Members Only|
More market conditions identified for TQ Pro members...
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