SIG closes lower for the 2nd day in a row
Moving lower for the 2nd day in a row, SIG finished Thursday at 55.51 losing $1.58 (-2.77%). Closing below Wednesday's low at 56.61, Signet Jewelers confirms its breakout through the prior session's low having traded $2.22 below it intraday.
Thursday's trading range was $2.57 (4.52%), that's above last trading month's daily average range of $1.79. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way above average.
After trading as low as 54.39 during the day, the market bounced off the key support level at 55.37. The failure to close below the support might increase that levels importance as support going forward.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
With prices trading close to this year's high at 59.10, upside momentum could speed up should the stock be able to break out to new highs for the year.
Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.
Market Conditions for Signet Jewelers
|Down Close Near Low of Period||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|Close near low of period||TQ Pro Members Only|
|Price broke through Technical Support S1||TQ Pro Members Only|
|Bearish Intraday Reversal||TQ Pro Members Only|
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