LGEN.L fails to close above 50-day moving average
Legal & General (LGEN.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
LGEN.L finished Thursday at 273.20 gaining £0.80 (0.29%). Closing within the previous day's range, prices failed to decisively move past the prior day's trading range.
Daily Candlestick Chart (LGEN.L as at Jun 14, 2018):
Thursday's trading range was £5.10 (1.88%), that's above last trading month's daily average range of £3.96. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Prices are trading close to the key resistance level at 275.70. After spiking up to 274.90 during the day, the market found resistance at the 50-day moving average at 273.46.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the nearby swing high at 277.50 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 268.90 where further sell stops might get activated.