DLG.L closes above its opening price after recovering from early selling pressure
Direct Line Insurance Group PLC (DLG.L) Technical Analysis Report for Sep 14, 2018
DLG.L ended the week -1.43% lower at 323.00 after gaining £0.80 (0.25%) today. Trading up to £1.70 lower after the open, the share 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 in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was £3.10 (0.96%), that's below last trading month's daily average range of £4.67. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Unable to break through the key technical resistance level at 323.40, Direct Line closed below it after spiking as high as 323.60 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 327.30 where further buy stops could get triggered. 2,017's low at 316.30 is within reach and we might see further downside momentum should the market break out past.
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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