DLG.L slides to lowest close since May 14, 2015
Direct Line Insurance Group PLC (DLG.L) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, DLG.L finished the week -4.36% lower at 322.50 after losing £3.10 (-0.95%) today. Today's closing price of 322.50 marks the lowest close since May 14, 2015. Trading £2.00 higher after the open, Direct Line was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 323.40, the share confirms its breakout through the prior session's low having traded £1.00 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (DLG.L as at Aug 10, 2018):
Friday's trading range was £4.30 (1.32%), that's slightly below last trading month's daily average range of £6.13. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.
After having been unable to move lower than 323.40 in the previous session, the market found buyers again around the same price level today at 322.40.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
2,017's low at 316.30 is within reach and we could see further downside momentum should the stock break out past.