L fails to close above 200-day moving average
Loews Corp. (L) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (L as at Aug 10, 2018):
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.
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.
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.