Traders officially love to sell SPGI against 208.98 level
S&P Global Inc. (SPGI) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (SPGI as at Jun 14, 2018):
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.