KGF.L unable to break through key resistance level
Kingfisher plc (KGF.L) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
KGF.L ended the week 5.58% higher at 308.50 after flat today. Trading £1.90 higher after the open, the stock 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.
Daily Candlestick Chart (KGF.L as at Jul 13, 2018):
Friday's trading range was £3.40 (1.1%), that's below last trading month's daily average range of £4.62. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 306.80. Unable to break through the key technical resistance level at 311.90, the share closed below it after spiking as high as 311.90 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After spiking up to 311.90 during the day, Kingfisher plc found resistance at the 100-day moving average at 310.14.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.