LGEN.L unable to break through key resistance level
Legal & General (LGEN.L) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
LGEN.L finished the week 2.12% higher at 264.60 after edging higher £0.10 (0.04%) today on high volume. Today's closing price of 264.60 marks the highest close since July 30th. Trading £1.80 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (LGEN.L as at Aug 10, 2018):
Friday's trading range was £3.60 (1.36%), that's slightly below last trading month's daily average range of £4.07. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average.
Prices are trading close to a key support level at 262.10. Unable to break through the key technical resistance level at 265.20, the stock closed below it after spiking as high as 266.80 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. Legal & ran into sellers again today around 266.80 for the third trading day in a row after having found sellers at 266.40 in the prior session and at 266.70 two days ago. After trading as low as 263.20 during the day, the market found support at the 20-day moving average at 264.01.
LGEN.L shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.