SKY.L pushes through key resistance level
Sky plc (SKY.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
SKY.L finished Thursday at 1350.00 surging £15.00 (1.12%). This is the biggest single day gain in over a month. Closing above Wednesday's high at 1345.00, the market confirms its breakout through the prior session's high having traded £9.00 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (SKY.L as at Jun 14, 2018):
Thursday's trading range was £26.00 (1.95%), that's far above last trading month's daily average range of £15.25. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Despite a weak opening SKY managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
Breaking through the key resistance level at 1337.50 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 1361.00. After spiking up to 1354.00 during the day, the stock found resistance at the 20-day moving average at 1350.95.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The share managed to break above the 50-day moving average at 1343.06 today for the first time since June 11th.
Buying might speed up should prices move above the nearby swing high at 1360.00 where further buy stops could get triggered.