SHP.L ends the day on a bullish note closing near the high of the day


Shire plc (SHP.L) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
SHP.L finds buyers around 3999.00 for the third day in a row
SHP.L dominated by bulls lifting the market higher throughout the day
SHP.L unable to break through key resistance level
SHP.L fails to close above 20-day moving average
SHP.L closes higher for the 3rd day in a row
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 3rd day in a row, SHP.L ended Thursday at 4069.50 gaining £44.50 (1.11%). Today's closing price of 4069.50 marks the highest close since May 31st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 4038.50, Shire confirms its breakout through the previous session's high having traded £48.50 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for SHP.L
Volatility

Thursday's trading range was £88.00 (2.2%), that's far above last trading month's daily average range of £61.90. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.

Support/Resistance

Unable to break through the key technical resistance level at 4077.00, the share closed below it after spiking as high as 4087.00 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. The stock found buyers again today around 3999.00 for the third trading day in a row after having found demand at 4005.50 in the prior session and at 3998.00 two days ago. After spiking up to 4087.00 during the day, the market found resistance at the 20-day moving average at 4077.65.

Trend

Though SHP.L is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

Order Flow

As prices are trading close to June's high at 4093.50, upside momentum might speed up should Shire mark new highs for the month.

Conclusion

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 Shire plc
ConditionForecastDirectionWinAvgWorstBestEvents
Strong Up Move TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Very Strong Up Move TQ Pro Members Only
Gap Up TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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