JE.L runs into sellers again around 620.20
Just Eat (JE.L) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
JE.L finished the week -5.58% lower at 609.40 after losing £0.60 (-0.1%) today, but still slightly outperforming the FTSE 100 (-0.16%). Trading £9.20 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on October 1st, JE.L lost -2.48% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (JE.L as at Oct 12, 2018):
Friday's trading range has been £15.00 (2.45%), that's slightly below the last trading month's daily average range of £20.21. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for JE.L.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
After having been unable to move above 619.80 in the previous session, the share ran into sellers again around the same price level today, missing to move higher than 620.20.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.