SKG.L drops to lowest close since July 24th

Smurfit Kappa (SKG.L) Technical Analysis Report for Sep 14, 2018

Highlights

SKG.L finds buyers at key support level
SKG.L closes lower for the 3rd day in a row
SKG.L breaks below previous session low
SKG.L falls to lowest close since July 24th

TQ Sentiment

Report Sentiment: 0% Neutral
Technical Forecast:

Overview

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 chart for SKG.L

Volatility

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.

Support/Resistance

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.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Trading close to July's low at 2992.00 we might see further downside momentum if potential sell stops at the level get activated.

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 Smurfit Kappa

Condition Forecast Direction Win Rate Exit Day Events
Strong Up Move TQ Pro Members Only
Close near high of period TQ Pro Members Only
Bullish Outside Bar TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Bullish Break through SMA 100 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

SKG.L finds buyers at key support level

Sep 17, 2018
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