SIG still stuck within tight trading range


Signet Jewelers (SIG) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
SIG closes above its opening price after recovering from early selling pressure
SIG finds buyers at key support level
SIG finds support at 20-day moving average
SIG closes higher for the 2nd day in a row
SIG runs into sellers again around 60.20
TQ Sentiment
Report Sentiment: 36% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, SIG finished the week 1.6% higher at 59.85 after gaining $0.14 (0.23%) today. Today's closing price of 59.85 marks the highest close since July 30th. Trading up to $1.08 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for SIG
Volatility

Friday's trading range was $1.65 (2.77%), that's slightly above last trading month's daily average range of $1.61. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 58.49 and 60.61 which it has been in now for the last trading week.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.

Support/Resistance

After trading as low as 58.55 during the day, the stock bounced off the key support level at 58.97. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move above 60.05 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 60.20. After trading as low as 58.55 during the day, Signet Jewelers found support at the 20-day moving average at 59.59.

Trend

Although SIG is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

Order Flow

Buying could speed up should prices move above the nearby swing high at 60.61 where further buy stops might get activated. With prices trading close to this year's high at 62.93, upside momentum could accelerate should the share be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Signet Jewelers
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Doji TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
Northern Doji TQ Pro Members Only
More market conditions identified for TQ Pro members...
Learn more about TQ Pro
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Signet Jewelers traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Signup
Stocks Top Movers
ETHUSD 285.726.43 2.30%
INDU 25,558.73396.32 1.58%
CRUDE 65.450.55 0.85%
CAC 5,349.0243.80 0.83%
SPX 2,840.6922.32 0.79%
DXY 96.535-0.045 -0.05%
GOLD 1,181.0-0.8 -0.07%
NATGAS 2.911-0.028 -0.95%
Start your day with the facts moving the markets
By clicking "Subscribe", you agree to our terms and privacy policy.

Related Stocks

ABBV 10 day candlestick chart for ABBV98.22 0.77
0.79%
ACN 10 day candlestick chart for ACN162.89 2.48
1.55%
ADBE 10 day candlestick chart for ADBE248.89 -1.63
-0.65%
AAP 10 day candlestick chart for AAP159.49 1.46
0.92%
AES 10 day candlestick chart for AES13.87 0.38
2.82%
AET 10 day candlestick chart for AET198.47 1.18
0.60%
AFL 10 day candlestick chart for AFL46.50 0.21
0.45%
AMG 10 day candlestick chart for AMG146.29 0.86
0.59%
A 10 day candlestick chart for A65.50 0.77
1.19%
ABT 10 day candlestick chart for ABT64.16 0.69
1.09%