SKG.L ends the day indecisive
Smurfit Kappa (SKG.L) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
SKG.L ended the week 1.68% higher at 3146.00 after gaining £16.00 (0.51%) today. Trading £26.00 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (SKG.L as at Jul 13, 2018):
Friday's trading range was £56.00 (1.77%), that's slightly above last trading month's daily average range of £55.30. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
Unable to break through the key technical resistance level at 3162.00, the market closed below it after spiking as high as 3184.00 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move lower than 3128.00 in the previous session, Smurfit Kappa found buyers again around the same price level today at 3128.00.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 3098.00 where further sell stops could get activated. With prices trading close to this year's high at 3254.00, upside momentum might speed up should the stock be able to break out to new highs for the year.