SHP.L closes within previous day's range after lackluster session


Shire plc (SHP.L) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
SHP.L unable to break through key resistance level
SHP.L closes higher for the 9th day in a row
SHP.L rises to highest close since July 27, 2017
SHP.L closes within previous day's range after lackluster session
SHP.L ends the day indecisive
TQ Sentiment
Report Sentiment: 16% Bearish
Technical Forecast:
Overview

Moving higher for the 9th day in a row, SHP.L ended the week 1.26% higher at 4340.00 after gaining £4.00 (0.09%) today on low volume. Today's closing price of 4340.00 marks the highest close since July 27, 2017. Closing within the prior day's range, prices failed to decisively move beyond 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.

Daily chart for SHP.L
Volatility

Friday's trading range was £38.50 (0.89%), that's far below last trading month's daily average range of £55.14. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average.

Support/Resistance

Unable to break through the key technical resistance level at 4350.00, the market closed below it after spiking as high as 4376.50 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Selling might speed up should prices move below the close-by swing low at 4280.00 where further sell stops could get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Shire plc
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Black Candle TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
Strong Down Move TQ Pro Members Only
Low close to previous low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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