L fails to close above 200-day moving average


Loews Corp. (L) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
L breaks below 200-day moving average
L closes above its opening price after recovering from early selling pressure
L finds buyers at key support level
L fails to close above 200-day moving average
L closes lower for the 5th day in a row
TQ Sentiment
Report Sentiment: 44% Bearish
Technical Forecast:
Overview

Moving lower for the 5th day in a row, L finished the week -2.01% lower at 50.11 after losing $0.22 (-0.44%) today. Today's closing price of 50.11 marks the lowest close since July 30th. Trading up to $0.26 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing below Thursday's low at 50.30, Loews Corp. confirms its breakout through the prior session's low having traded $0.61 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for L
Volatility

Friday's trading range was $0.54 (1.08%), that's slightly below last trading month's daily average range of $0.55. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.

Support/Resistance

After trading as low as 49.69 during the day, the stock bounced off the key support level at 49.90. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 50.49. After spiking up to 50.23 during the day, the share found resistance at the 200-day moving average at 50.18.

Trend

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already. L broke below the 200-day moving average at 50.18 today for the first time since July 27th.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Loews Corp.
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Bearish Bounce off SMA 200 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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