SKY.L ends the day on a bearish note closing near the low of the day
Sky plc (SKY.L) Technical Analysis Report for Jul 13, 2018
SKY.L ended the week 5.43% higher at 1535.00 after losing £10.00 (-0.65%) today. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was £10.00 (0.65%), that's below last trading month's daily average range of £23.82. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being way above average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key resistance level at 1548.50. After having been unable to move above 1548.50 in the previous session, SKY ran into sellers again around the same price level today, failing to move higher than 1545.00.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 1548.50 where further buy stops could get activated.
While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
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