LAND.L runs into sellers around 952.60 for the third day in a row
Land Securities (LAND.L) Technical Analysis Report for Jul 13, 2018
Moving lower for the 3rd day in a row, LAND.L finished the week -0.36% lower at 946.30 after losing £0.50 (-0.05%) today on low volume. Today's closing price of 946.30 marks the lowest close since July 5th. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was £6.30 (0.66%), that's far below last trading month's daily average range of £11.06. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 943.90 and 954.10 which it has been in now for the last three days.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to a key support level at 942.00. The market ran into sellers again today around 952.60 for the third trading day in a row after having found sellers at 953.00 in the previous session and at 954.10 two days ago. After spiking up to 952.60 during the day, Land Securities found resistance at the 20-day moving average at 952.19.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Buying might accelerate should prices move above the nearby swing high at 957.20 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 943.90 where further sell stops could get activated. Further selling might move prices lower should the market test June's nearby low at 930.50.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
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