SKG.L drops to lowest close since July 24th
Smurfit Kappa (SKG.L) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, SKG.L ended the week -4.14% lower at 3058.00 after losing £30.00 (-0.97%) today. Today's closing price of 3058.00 marks the lowest close since July 24th. Closing below Thursday's low at 3088.00, the market confirms its breakout through the previous session's low having traded £60.00 below it intraday.
Daily Candlestick Chart (SKG.L as at Sep 14, 2018):
Friday's trading range was £72.00 (2.33%), that's above last trading month's daily average range of £61.30. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly above average.
After trading as low as 3028.00 during the day, Smurfit Kappa bounced off the key support level at 3034.00. The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Trading close to July's low at 2992.00 we might see further downside momentum if potential sell stops at the level get activated.