LB breaks key support level


L Brands Inc. (LB) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
LB breaks key support level
LB closes below its opening price unable to hold early session gains
LB fails to close above 20-day moving average
LB closes lower for the 5th day in a row
LB breaks below previous session low
TQ Sentiment
Report Sentiment: 57% Bearish
Technical Forecast:
Overview

Moving lower for the 5th day in a row, LB finished the week -3.91% lower at 31.24 after losing $0.27 (-0.86%) today on high volume. Today's closing price of 31.24 marks the lowest close since July 30th. Trading $0.64 higher after the open, L Brands was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 31.32, the stock confirms its breakout through the prior session's low having traded $0.58 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for LB
Volatility

Friday's trading range was $1.25 (3.99%), that's far above last trading month's daily average range of $0.86. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.

Support/Resistance

Breaking below the key support level at 31.31 today, it is now likely to act as resistance going forward. After spiking up to 31.99 during the day, the market found resistance at the 20-day moving average at 31.70.

Trend

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

Order Flow

With prices trading close to this year's low at 30.42, downside momentum could accelerate should LB break out to new lows for the year.

Conclusion

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

Market Conditions for L Brands Inc.
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Hanging Man TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

LB ends the day indecisive

Aug 16, 2018
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