SMIN.L finds buyers at key support level
Smiths Group plc (SMIN.L) Technical Analysis Report for Jul 13, 2018
Moving higher for the 2nd day in a row, SMIN.L finished the week 2.27% higher at 1735.00 after gaining £14.00 (0.81%) today. Closing above Thursday's high at 1726.50, the market confirms its breakout through the prior session's high having traded £19.00 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was £18.50 (1.07%), that's below last trading month's daily average range of £24.48. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.
After trading as low as 1727.00 during the day, the share bounced off the key support level at 1727.50. The failure to close below the support might increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 1750.00 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 1712.50 where further sell stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.