BKG.L finds support at 20-day moving average
Berkeley Group Holdings (BKG.L) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, BKG.L finished the week 0.65% higher at 3700.00 after losing £8.00 (-0.22%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (BKG.L as at Aug 10, 2018):
Friday's trading range was £33.00 (0.89%), that's far below last trading month's daily average range of £55.80. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 3670.00 and 3753.00 which it has been in now for the last trading week.
Prices are trading close to a key support level at 3668.00. The stock found buyers again today around 3691.00 for the third trading day in a row after having found demand at 3692.00 in the prior session and at 3683.00 two days ago. After trading as low as 3691.00 during the day, the market found support at the 20-day moving average at 3697.84.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 3753.00 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 3683.00 where further sell stops might get triggered.