SHPG dominated by bears dragging the market lower throughout the day


Shire plc (SHPG) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
SHPG dominated by bears dragging the market lower throughout the day
SHPG finds buyers at key support level
SHPG finds buyers again around 151.67
SHPG closes within previous day's range
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

SHPG finished Monday at 152.41 gaining $0.22 (0.14%). The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.

Daily chart for SHPG
Volatility

Monday's trading range was $4.77 (3.06%), that's above last trading month's daily average range of $3.72. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way above average.

Price Action

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.

Support/Resistance

After trading as low as 151.67 during the day, the stock bounced off the key support level at 151.75. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 151.34 in the previous session, the market found buyers again around the same price level today at 151.67.

Trend

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

Order Flow

Selling could speed up should prices move below the close-by swing low at 151.34 where further sell stops might get triggered. With prices trading close to this year's high at 159.04, upside momentum could accelerate should the share be able to break out to new highs for the year. As prices are trading close to April's low at 145.91, downside momentum might speed up should Shire plc mark new lows 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 very bullish.

Market Conditions for Shire plc
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Black Candle TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

SHPG breaks below previous session low

Jul 20, 2018
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