BDEV.L closes above its opening price after recovering from early selling pressure

Barratt Developments (BDEV.L) Technical Analysis Report for Sep 14, 2018

Highlights

BDEV.L closes above its opening price after recovering from early selling pressure
BDEV.L finds buyers at key support level
BDEV.L finds support at 20-day moving average
BDEV.L ends the day on a bullish note closing near the high of the day
BDEV.L finds buyers again around 545.40

TQ Sentiment

Report Sentiment: 55% Bullish
Technical Forecast:

Overview

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.

Daily chart for BDEV.L

Volatility

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.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying could speed up should prices move above the close-by swing high at 562.40 where further buy stops might 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 Barratt Developments

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Latest Report:

BDEV.L breaks key support level

Sep 21, 2018
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