DLG.L closes within previous day's range after lackluster session


Direct Line Insurance Group PLC (DLG.L) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
DLG.L closes above its opening price after recovering from early selling pressure
DLG.L finds support at 200-day moving average
DLG.L runs into sellers again around 376.30
DLG.L closes within previous day's range after lackluster session
DLG.L ends the day indecisive
TQ Sentiment
Report Sentiment: 28% Bullish
Technical Forecast:
Overview

DLG.L ended Thursday at 374.80 losing £1.10 (-0.29%) on high volume. Trading up to £1.80 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior 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 chart for DLG.L
Volatility

Thursday's trading range was £4.00 (1.07%), that's far below last trading month's daily average range of £6.51. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being way below average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

After having been unable to move above 376.40 in the prior session, Direct Line ran into sellers again around the same price level today, failing to move higher than 376.30. After trading as low as 372.30 during the day, the market found support at the 200-day moving average at 373.37.

Trend

The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 376.40 where further buy stops might get triggered. As prices are trading close to May's high at 379.40, upside momentum could speed up should DLG.L mark new highs for the month.

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 Direct Line Insurance Group PLC
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Doji TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

DLG.L finds buyers at key support level

Aug 14, 2018
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