AV..L pushes through prior session high
Aviva (AV.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AV.. L ended Thursday at 517.00 gaining £5.40 (1.06%). Today's closing price of 517.00 marks the highest close since June 4th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 515.00, the market confirms its breakout through the previous session's high having traded £4.00 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (AV.L as at Jun 14, 2018):
Thursday's trading range was £11.60 (2.28%), that's far above last trading month's daily average range of £7.40. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
Unable to break through the key technical resistance level at 518.40, the stock closed below it after spiking as high as 519.00 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already. Aviva managed to break above the 100-day moving average at 514.43 today for the first time since June 1st.
As prices are trading close to June's high at 523.00, upside momentum might accelerate should the share mark new highs for the month.