KGF.L dominated by bears dragging the market lower throughout the day
Kingfisher plc (KGF.L) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, KGF.L finished the week -0.03% lower at 294.10 after losing £3.70 (-1.24%) today. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 297.10, the share confirms its breakout through the prior session's low having traded £3.80 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (KGF.L as at Aug 10, 2018):
Friday's trading range was £4.60 (1.54%), that's below last trading month's daily average range of £5.83. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Breaking below the key support level at 295.00 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 288.70 where further sell stops might get activated.