SN..L fails to close above 50-day moving average
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.
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.
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.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling might accelerate should prices move below the nearby swing low at 1325.50 where further sell stops could 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 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|
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