SLA.L finds support at 50-day moving average

Standard Life Aberdeen (SLA.L) Technical Analysis Report for Sep 14, 2018

Highlights

SLA.L pushes through 50-day moving average
SLA.L unable to break through key resistance level
SLA.L finds support at 50-day moving average
SLA.L closes higher for the 2nd day in a row
SLA.L pushes through previous session high

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

Moving higher for the 2nd day in a row, SLA.L ended the week 1.5% higher at 318.40 after gaining £2.70 (0.86%) today on high volume. Today's closing price of 318.40 marks the highest close since September 5th. Closing above Thursday's high at 317.50, Standard Life confirms its breakout through the previous session's high having traded £1.70 above it intraday.

Daily chart for SLA.L

Volatility

Friday's trading range was £3.60 (1.14%), that's far below last trading month's daily average range of £6.05. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being exactly the same as average. Prices continued to consolidate within a tight trading range between 311.80 and 319.20 which it has been in now for the last trading week.

Support/Resistance

Prices are trading close to a key support level at 314.50. Unable to break through the key technical resistance level at 319.10, the market closed below it after spiking as high as 319.20 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After trading as low as 315.60 during the day, the share found support at the 50-day moving average at 316.35.

Trend

While the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. SLA.L managed to break above the 50-day moving average at 316.35 today for the first time since September 11th.

Order Flow

As prices are trading close to September's high at 326.80, upside momentum could accelerate should Standard Life mark new highs for the month.

Conclusion

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

Market Conditions for Standard Life Aberdeen

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