SN..L runs into sellers again around 1371.00
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.
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.
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.
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.
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.
Buying could speed up should prices move above the nearby swing high at 1371.50 where further buy 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.
Market Conditions for Smith & Nephew
|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|
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