SHPG dominated by bears dragging the market lower throughout the day
Shire plc (SHPG) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (SHPG as at Apr 16, 2018):
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.