SMIN.L closes below its opening price unable to hold early session gains


Smiths Group plc (SMIN.L) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
SMIN.L closes below its opening price unable to hold early session gains
SMIN.L ends the day on a bearish note closing near the low of the day
SMIN.L still stuck within tight trading range
SMIN.L closes within previous day's range
TQ Sentiment
Report Sentiment: 42% Bearish
Technical Forecast:
Overview

SMIN.L ended Monday at 1512.00 losing £3.00 (-0.2%). Trading £12.00 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for SMIN.L
Volatility

Monday's trading range was £18.00 (1.19%), that's slightly below last trading month's daily average range of £31.16. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 1490.00 and 1527.00 which it has been in now for the last trading week.

Price Action

After moving higher in the previous session, Smiths Group closed lower but above the prior day's open today, forming a bearish Harami Candle.

Support/Resistance

Prices are trading close to a key support level at 1497.50.

Trend

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 1490.00 where further sell stops might get activated.

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 Smiths Group plc
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
Black Candle TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bullish Hikkake Pattern TQ Pro Members Only
3 Consecutive Lower Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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