BRBY.L dominated by bulls lifting the market higher throughout the day
Burberry (BRBY.L) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BRBY.L finished the week 1.84% higher at 2108.00 after gaining £52.00 (2.53%) today on high volume. Today's closing price of 2108.00 marks the highest close since July 2nd. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 2074.00, Burberry confirms its breakout through the prior session's high having traded £38.00 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 (BRBY.L as at Jul 13, 2018):
Friday's trading range was £48.00 (2.32%), that's slightly above last trading month's daily average range of £44.10. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly above average.
Breaking through the key resistance level at 2083.00 today, it is now likely to act as support going forward.
Though the stock is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. The share managed to break above the 20-day moving average at 2105.40 today for the first time since June 20th.
Buying could speed up should prices move above the nearby swing high at 2116.00 where further buy stops might get activated. With prices trading close to this year's high at 2186.00, upside momentum could accelerate should the market be able to break out to new highs for the year. As prices are trading close to July's high at 2173.00, upside momentum might speed up should BRBY.L mark new highs for the month.