LEG closes above its opening price after recovering from early selling pressure
Leggett & Platt (LEG) Technical Analysis Report for Sep 14, 2018
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying could move prices higher should the market test August's nearby high at 46.71.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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