FRT ends the day indecisive
FRT finished Thursday at 114.21 edging higher $0.12 (0.11%). Trading $0.61 higher after the open, the market was unable to hold its gains as the bears took control ending the day below 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 the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was $1.67 (1.46%), that's below last trading month's daily average range of $2.04. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly above average.
Unable to break through the key technical resistance level at 114.43, the stock closed below it after spiking as high as 114.92 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Further selling could move prices lower should the market test April's nearby low at 110.66.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.
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