LEG closes above its opening price after recovering from early selling pressure

Leggett & Platt (LEG) Technical Analysis Report for Sep 14, 2018

Highlights

Traders officially love to sell LEG against 46.51 level
LEG closes above its opening price after recovering from early selling pressure
LEG unable to break through key resistance level
LEG rises to highest close since March 14th
LEG still stuck within tight trading range

TQ Sentiment

Report Sentiment: 28% Bearish
Technical Forecast:

Overview

LEG ended the week 1.51% higher at 46.40 after gaining $0.12 (0.26%) today on low volume. Today's closing price of 46.40 marks the highest close since March 14th. Trading up to $0.20 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for LEG

Volatility

Friday's trading range was $0.38 (0.82%), that's far below last trading month's daily average range of $0.65. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 45.76 and 46.51 which it has been in now for the last trading week.

Support/Resistance

Unable to break through the key technical resistance level at 46.42, the share closed below it after spiking as high as 46.51 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. Leggett & was sold again around 46.51 after having seen highs at 46.43, 46.49 and 46.47 in the last three trading sessions. Obviously there is something going on at that level.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Further buying could move prices higher should the market test August's nearby high at 46.71.

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 Leggett & Platt

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Latest Report:

LEG breaks below previous session low

Sep 21, 2018
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