WTB.L unable to break through key resistance level


Whitbread (WTB.L) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
WTB.L unable to break through key resistance level
WTB.L fails to close above 20-day moving average
WTB.L closes higher for the 2nd day in a row
WTB.L finds buyers again around 4113.00
WTB.L still stuck within tight trading range
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, WTB.L ended Thursday at 4171.00 gaining £21.00 (0.51%).

Daily chart for WTB.L
Volatility

Thursday's trading range was £80.00 (1.94%), that's slightly above last trading month's daily average range of £78.45. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 4111.00 and 4224.00 which it has been in now for the last trading week.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Notwithstanding a weak opening the share managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Unable to break through the key technical resistance level at 4183.00, the market closed below it after spiking as high as 4193.00 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 4120.00 in the prior session, the stock found buyers again around the same price level today at 4113.00. After spiking up to 4193.00 during the day, Whitbread found resistance at the 20-day moving average at 4183.20.

Trend

While WTB.L is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 4224.00 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 4111.00 where further sell stops could get activated.

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 Whitbread
ConditionForecastDirectionWinAvgWorstBest
2 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Black Candle TQ Pro Members Only
RSI(2) below 20 TQ Pro Members Only
Bullish Hikkake Pattern TQ Pro Members Only
More market conditions identified for TQ Pro members...
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