SKY.L closes above its opening price after recovering from early selling pressure


Sky plc (SKY.L) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
SKY.L closes above its opening price after recovering from early selling pressure
SKY.L closes higher for the 5th day in a row
SKY.L finds buyers again around 1520.00
SKY.L pushes through previous session high
SKY.L rises to highest close since July 18th
TQ Sentiment
Report Sentiment: 50% Bullish
Technical Forecast:
Overview

Moving higher for the 5th day in a row, SKY.L finished the week 1.16% higher at 1530.50 after gaining £2.50 (0.16%) today. Today's closing price of 1530.50 marks the highest close since July 18th. Trading up to £10.00 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 1528.00, the share confirms its breakout through the prior session's high having traded £6.50 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for SKY.L
Volatility

Friday's trading range was £14.50 (0.95%), that's slightly below last trading month's daily average range of £17.23. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Price Action

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.

Support/Resistance

After having been unable to move lower than 1520.50 in the previous session, the stock found buyers again around the same price level today at 1520.00.

Trend

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

Order Flow

Buying might speed up should prices move above the close-by swing high at 1539.00 where further buy stops could get triggered. With prices trading close to this year's high at 1548.50, upside momentum might accelerate should SKY be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.

Market Conditions for Sky plc
Condition Forecast Direction Win Avg Worst Best Events
Closed below last periods low TQ Pro Members Only
High close to previous three Highs TQ Pro Members Only
Tweezer Top TQ Pro Members Only
Black Candle TQ Pro Members Only
High close to previous High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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