LGEN.L closes below its opening price unable to hold early session gains
Legal & General (LGEN.L) Technical Analysis Report for Jul 13, 2018
Moving higher for the 2nd day in a row, LGEN.L finished the week 1.29% higher at 266.00 after gaining £0.40 (0.15%) today on low volume. Trading £1.20 higher after the open, Legal & was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Friday's trading range was £2.80 (1.05%), that's below last trading month's daily average range of £3.76. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
After spiking up to 268.70 during the day, the share found resistance at the 100-day moving average at 267.68.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.