KGF.L dominated by bears dragging the market lower throughout the day


Kingfisher plc (KGF.L) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
KGF.L breaks key support level
KGF.L dominated by bears dragging the market lower throughout the day
KGF.L closes lower for the 2nd day in a row
KGF.L ends the day on a bearish note closing near the low of the day
KGF.L breaks below previous session low
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

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 chart for KGF.L
Volatility

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.

Support/Resistance

Breaking below the key support level at 295.00 today, it is now likely to act as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling could accelerate should prices move below the close-by swing low at 288.70 where further sell stops might get activated.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.

Market Conditions for Kingfisher plc
Condition Forecast Direction Win Avg Worst Best Events
Southern Doji TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
52 Week Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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