LSE.L closes below its opening price unable to hold early session gains

London Stock Exchange Group (LSE.L) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team


LSE.L breaks below 50-day moving average
LSE.L closes below its opening price unable to hold early session gains
LSE.L fails to close above 20-day moving average
LSE.L closes lower for the 3rd day in a row
LSE.L finds buyers again around 4475.00


Moving lower for the 3rd day in a row, LSE.L ended the week -0.18% lower at 4481.00 after losing £21.00 (-0.47%) today. Trading £9.00 higher after the open, London Stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 4483.00, the market confirms its breakout through the previous session's low having traded £8.00 below it intraday.

Daily Candlestick Chart (LSE.L as at Aug 10, 2018):

Daily technical analysis candlestick chart for London Stock Exchange Group (LSE.L) as at Aug 10, 2018

Friday's trading range was £23.00 (0.51%), that's far below last trading month's daily average range of £54.70. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Prices are trading close to a key support level at 4474.00. Prices are trading close to the key resistance level at 4518.00. After having been unable to move lower than 4483.00 in the prior session, the share found buyers again around the same price level today at 4475.00. After spiking up to 4498.00 during the day, the stock found resistance at the 20-day moving average at 4497.34.

While still in a long-term uptrend, the short and medium-term trends both turned bearish already. LSE.L broke below the 50-day moving average at 4482.71 today for the first time since August 6th.

Selling might accelerate should prices move below the close-by swing low at 4428.00 where further sell stops could get triggered.

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