LB finds buyers at key support level


L Brands Inc. (LB) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
LB finds buyers at key support level
LB finds support at 20-day moving average
LB closes lower for the 5th day in a row
LB breaks below previous session low
LB falls to lowest close since June 4th
TQ Sentiment
Report Sentiment: 40% Bullish
Technical Forecast:
Overview

Moving lower for the 5th day in a row, LB ended Thursday at 35.99 losing $0.52 (-1.42%). Today's closing price of 35.99 marks the lowest close since June 4th. Closing below Wednesday's low at 36.00, the share confirms its breakout through the prior session's low having traded $0.53 below it intraday.

Daily chart for LB
Volatility

Thursday's trading range was $0.98 (2.69%), that's slightly below last trading month's daily average range of $1.17. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

After trading as low as 35.47 during the day, the stock bounced off the key support level at 35.82. The failure to close below the support might increase that levels importance as support going forward. After trading as low as 35.47 during the day, L Brands found support at the 20-day moving average at 35.56.

Trend

Though the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Conclusion

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

Market Conditions for L Brands Inc.
Condition Forecast Direction Win Avg Worst Best Events
Strong Up Move TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Bounced off Technical Support S2 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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LB finds buyers at key support level

Aug 14, 2018
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