WPP.L pushes through 50-day moving average

WPP plc (WPP.L) Technical Analysis Report for Jul 13, 2018

Highlights

WPP.L finds buyers at key support level
WPP.L pushes through 50-day moving average
WPP.L closes higher for the 2nd day in a row
WPP.L pushes through previous session high
WPP.L rises to highest close since June 12th

TQ Sentiment

Report Sentiment:
50% Bullish
Technical Forecast:
TQ Pro Only
See the overall Technical Analysis forecast for today.

Overview

Moving higher for the 2nd day in a row, WPP.L ended the week 4.62% higher at 1245.00 after gaining £19.00 (1.55%) today. Today's closing price of 1245.00 marks the highest close since June 12th. Closing above Thursday's high at 1230.50, the market confirms its breakout through the previous session's high having traded £26.50 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for WPP.L

Volatility

Friday's trading range was £22.00 (1.77%), that's below last trading month's daily average range of £25.40. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.

Support/Resistance

After trading as low as 1235.00 during the day, the share bounced off the key support level at 1235.00. The failure to close below the support might increase that levels importance as support going forward.

Trend

Though WPP plc 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. The stock managed to break above the 50-day moving average at 1240.42 today for the first time since April 30th.

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 WPP plc

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