LAND.L ends the day on a bullish note closing near the high of the day
Land Securities (LAND.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
LAND.L finished Thursday at 953.70 gaining £8.00 (0.85%) on high volume. Today's closing price of 953.70 marks the highest close since May 22nd. Closing above Wednesday's high at 952.70, the market confirms its breakout through the previous session's high having traded £3.90 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (LAND.L as at Jun 14, 2018):
Thursday's trading range was £17.60 (1.87%), that's above last trading month's daily average range of £12.38. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
Breaking through the key resistance level at 946.70 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 962.10.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already. The stock managed to break above the 100-day moving average at 950.68 today for the first time since May 21st.
Buying could speed up should prices move above the close-by swing high at 963.00 where further buy stops might get activated.