Traders officially love to sell SPGI against 208.98 level


S&P Global, Inc. (SPGI) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
Traders officially love to sell SPGI against 208.98 level
SPGI finds buyers at key support level
SPGI closes lower for the 2nd day in a row
SPGI stuck within tight trading range
SPGI closes within previous day's range
TQ Sentiment
Report Sentiment: 42% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, SPGI finished Thursday at 207.29 edging lower $0.06 (-0.03%) on low volume. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.

Daily chart for SPGI
Volatility

Thursday's trading range was $2.69 (1.29%), that's slightly above last trading month's daily average range of $2.59. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 206.29 and 208.98 which it has been in now for the last three days.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar. Despite a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

After trading as low as 206.29 during the day, the share bounced off the key support level at 206.38. The failure to close below the support might increase that levels importance as support going forward. The market was sold again around 208.98 after having seen highs at 208.77, 208.80 and 208.57 in the last three trading sessions. Obviously there is something going on at that level.

Trend

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

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 S&P Global, Inc.
Condition Forecast Direction Win Avg Worst Best Events
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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