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 | by Techniquant Editorial Team
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 Candlestick Chart (SMIN.L as at Apr 16, 2018):
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.
After moving higher in the previous session, Smiths Group closed lower but above the prior day's open today, forming a bearish Harami Candle.
Prices are trading close to a key support level at 1497.50.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Selling could accelerate should prices move below the nearby swing low at 1490.00 where further sell stops might get activated.