SKY.L closes above its opening price after recovering from early selling pressure
Sky plc (SKY.L) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (SKY.L as at Aug 10, 2018):
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.
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.
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.
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 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.