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TAP ends the day indecisive


Technical Analysis Report for TAP - Apr 16, 2018 [1 min read]
Highlights
TAP runs into sellers again around 73.93
TAP still stuck within tight trading range
TAP closes within previous day's range after lackluster session
TAP ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

TAP ended Monday at 73.55 gaining $0.57 (0.78%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond 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 TAP
Volatility

Monday's trading range was $0.85 (1.16%), that's far below last trading month's daily average range of $1.56. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 72.80 and 74.25 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 74.25. After having been unable to move above 74.00 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 73.93.

Trend

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

Order Flow

Buying might accelerate should prices move above the close-by swing high at 74.25 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 72.80 where further sell stops could get triggered. With prices trading close to this year's low at 72.07, downside momentum might accelerate should the share break out to new lows for the year. As prices are trading close to April's high at 75.46, upside momentum could speed up should TAP mark new highs for the month. As prices are trading close to April's low at 72.30, downside momentum might accelerate should the market 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 bearish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
High close to previous High TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
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