WTB.L breaks below 100-day moving average
WTB.L ended the week 0.38% higher at 4000.00 after losing £40.00 (-0.99%) today. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was £79.00 (1.95%), that's slightly above last trading month's daily average range of £65.70. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
Breaking below the key support level at 4008.00 today, it is now likely to act as resistance going forward. After having been unable to move lower than 3993.00 in the previous session, Whitbread found buyers again around the same price level today at 3996.00. After trading as low as 3996.00 during the day, the share found support at the 20-day moving average at 3998.85.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The market broke below the 100-day moving average at 4013.46 today for the first time since July 10th.
Selling might accelerate should prices move below the nearby swing low at 3945.00 where further sell stops could get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for Whitbread
|Close near high of period||TQ Pro Members Only|
|Bullish Break through SMA 100||TQ Pro Members Only|
|Price broke through Technical Resistance R1||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Bullish Bounce off SMA 20||TQ Pro Members Only|
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