LBTYA closes above its opening price after recovering from early selling pressure
Liberty Global plc Class A Ordinary Shares (LBTYA) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
LBTYA ended the month 2.92% higher at 21.86 after flat today on low volume, notably underperforming the Nasdaq 100 (1.96%). Trading up to $0.24 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (LBTYA as at Jun 30, 2020):
Tuesday's trading range has been $0.48 (2.2%), that's below the last trading month's daily average range of $0.78. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for LBTYA.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on May 4th, LBTYA actually lost -4.08% on the following trading day.
Prices are trading close to the key technical resistance level at 22.26 (R1).
Though Liberty Global is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.