EL closes above its opening price after recovering from early selling pressure
Estee Lauder Cos. (EL) Technical Analysis Report for Aug 10, 2018
EL finished the week -1.67% lower at 132.73 after gaining $0.56 (0.42%) today. Trading up to $2.41 lower after the open, Estee Lauder 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 beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (EL as at Aug 10, 2018):
Friday's trading range was $5.58 (4.25%), that's far above last trading month's daily average range of $2.79. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly above average.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Despite a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.