SHP.L closes within previous day's range after lackluster session
Shire plc (SHP.L) Technical Analysis Report for Jul 13, 2018
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 4280.00 where further sell 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 bearish.