SN..L fails to close above 50-day moving average


Smith & Nephew (SN.L) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
SN..L fails to close above 50-day moving average
SN..L closes higher for the 2nd day in a row
SN..L runs into sellers again around 1351.50
SN..L rises to highest close since June 29th
SN..L closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 25% Bearish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, SN.. L finished the week 1.7% higher at 1345.00 after gaining £0.50 (0.04%) today on low volume. Today's closing price of 1345.00 marks the highest close since June 29th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for SN.L
Volatility

Friday's trading range was £7.00 (0.52%), that's far below last trading month's daily average range of £19.60. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average.

Support/Resistance

Prices are trading close to a key support level at 1338.50. After having been unable to move above 1350.00 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 1351.50. After spiking up to 1351.50 during the day, Smith & found resistance at the 50-day moving average at 1345.61.

Trend

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Selling might accelerate should prices move below the nearby swing low at 1325.50 where further sell stops could 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
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
Bullish Bounce off SMA 200 TQ Pro Members Only
Bearish Bounce off SMA 100 TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
More market conditions identified for TQ Pro members...
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