LSE.L unable to break through key resistance level
Moving higher for the 2nd day in a row, LSE.L ended the week 0.51% higher at 4520.00 after edging higher £5.00 (0.11%) today. Today's closing price of 4520.00 marks the highest close since June 11th. Trading £41.00 higher after the open, the stock 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. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was £60.00 (1.32%), that's slightly below last trading month's daily average range of £61.25. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
After spiking up to 4580.00 during the day, the share has been sold off at those price levels and formed a bearish Pin Bar closing £60.00 below today's high.
Prices are trading close to a key support level at 4495.00. Unable to break through the key technical resistance level at 4577.00, the market closed below it after spiking as high as 4580.00 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 4463.00 where further sell stops might get triggered. With prices trading close to this year's high at 4620.00, upside momentum could speed up should London Stock be able to break out to new highs for the year.
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 London Stock Exchange Group
|Close near low of period||TQ Pro Members Only|
|Bearish Intraday Reversal||TQ Pro Members Only|
|Black Candle||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
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