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 [1 min read]
Highlights
LAND.L runs into sellers around 952.60 for the third day in a row
LAND.L dominated by bears dragging the market lower throughout the day
LAND.L fails to close above 20-day moving average
LAND.L closes lower for the 3rd day in a row
LAND.L ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

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.

Daily chart for LAND.L
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

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.

Conclusion

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

Market Conditions for Land Securities
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
Takuri Line TQ Pro Members Only
Bullish Spinning Top TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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