BDEV.L closes above its opening price after recovering from early selling pressure
Barratt Developments (BDEV.L) Technical Analysis Report for Sep 14, 2018
BDEV.L ended the week 0.54% higher at 556.40 after gaining £3.20 (0.58%) today. Trading up to £4.40 lower after the open, Barratt Developments managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was £11.00 (2.0%), that's slightly below last trading month's daily average range of £12.08. 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 545.40 and 562.40 which it has been in now for the last trading week.
After trading as low as 545.40 during the day, the stock bounced off the key support level at 549.40. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 563.20. After having been unable to move lower than 547.20 in the prior session, the market found buyers again around the same price level today at 545.40. After trading as low as 545.40 during the day, the share found support at the 20-day moving average at 547.07.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 562.40 where further buy stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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