KGF.L dominated by bulls lifting the market higher throughout the day
Kingfisher plc (KGF.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
KGF.L ended Thursday at 314.50 gaining £5.10 (1.65%). Today's closing price of 314.50 marks the highest close since March 21st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 313.00, the stock confirms its breakout through the prior session's high having traded £4.00 above it intraday.
Daily Candlestick Chart (KGF.L as at Jun 14, 2018):
Thursday's trading range was £10.20 (3.32%), that's far above last trading month's daily average range of £6.70. Weekly volatility is also higher, being slightly 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.
Breaking through the key resistance level at 309.80 today, it is now likely to act as support going forward.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.