SHPG closes within previous day's range after lackluster session
SHPG ended Thursday at 171.65 losing $1.48 (-0.85%). Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.
Thursday's trading range was $2.12 (1.24%), that's below last trading month's daily average range of $3.32. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
After having been unable to move lower than 169.78 in the prior session, the market found buyers again around the same price level today at 169.83.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 173.60 where further buy stops might get activated. With prices trading close to this year's high at 177.51, upside momentum could speed up should the share be able to break out to new highs for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.
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