LB finds buyers at key support level
L Brands Inc. (LB) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (LB as at Jun 14, 2018):
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.
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.
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.