SN..L runs into sellers again around 1371.00


Smith & Nephew (SN.L) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
SN..L pushes through key resistance level
SN..L closes higher for the 2nd day in a row
SN..L runs into sellers again around 1371.00
SN..L still stuck within tight trading range
SN..L closes within previous day's range
TQ Sentiment
Report Sentiment: 25% Bearish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, SN.. L ended Thursday at 1362.50 gaining £7.00 (0.52%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily chart for SN.L
Volatility

Thursday's trading range was £24.00 (1.78%), that's above last trading month's daily average range of £19.65. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 1337.00 and 1371.50 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Breaking through the key resistance level at 1361.00 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 1377.50. After having been unable to move above 1371.50 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 1371.00.

Trend

Though the share is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

Order Flow

Buying could speed up should prices move above the nearby swing high at 1371.50 where further buy stops might get triggered.

Conclusion

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

Market Conditions for Smith & Nephew
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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