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SWKS breaks below previous session low


Technical Analysis Report for SWKS - Apr 16, 2018 [< 1 min read]
Highlights
SWKS breaks key support level
SWKS closes lower for the 2nd day in a row
SWKS breaks below previous session low
SWKS falls to lowest close since April 9th
TQ Sentiment
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, SWKS ended Monday at 97.73 losing $0.74 (-0.75%). Today's closing price of 97.73 marks the lowest close since April 9th. Closing below Friday's low at 98.15, the stock confirms its breakout through the prior session's low having traded $0.88 below it intraday.

Daily chart for SWKS
Volatility

Monday's trading range was $2.23 (2.26%), that's below last trading month's daily average range of $2.98. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Breaking below the key support level at 98.31 today, it is now likely to act as resistance going forward.

Trend

While the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Selling could accelerate should prices move below the close-by swing low at 95.22 where further sell stops might get activated. With prices trading close to this year's low at 94.05, downside momentum could speed up should the market break out to new lows for the year. As prices are trading close to April's low at 95.22, downside momentum might accelerate should SWKS mark new lows for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Price broke through Technical Support S1 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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