SMIN.L closes higher for the 3rd day in a row

Smiths Group plc (SMIN.L) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team


SMIN.L dominated by bulls lifting the market higher throughout the day
SMIN.L closes higher for the 3rd day in a row
SMIN.L ends the day on a bullish note closing near the high of the day
SMIN.L pushes through previous session high
SMIN.L rises to highest close since Inception


Moving higher for the 3rd day in a row, SMIN.L ended Thursday at 1689.50 gaining £21.50 (1.29%). Today's closing price of 1689.50 marks the highest close since Inception. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 1672.00, the market confirms its breakout through the prior session's high having traded £17.50 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily Candlestick Chart (SMIN.L as at May 17, 2018):

Daily technical analysis candlestick chart for Smiths Group plc (SMIN.L) as at May 17, 2018

Thursday's trading range was £34.00 (2.05%), that's far above last trading month's daily average range of £21.55. Things look different on a weekly scale, where volatility is 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. Even with a weak opening the share managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

With prices trading close to this year's high at 1697.00, upside momentum could accelerate should the stock be able to break out to new highs for the year.

Market Conditions for SMIN.L as at May 17, 2018

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