LUK closes within prior day's range after lackluster session


Jefferies Financial Group Inc. (JEF) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
LUK closes below its opening price unable to hold early session gains
LUK closes lower for the 3rd day in a row
LUK ends the day on a bearish note closing near the low of the day
LUK falls to lowest close since April 6th
LUK closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, LUK ended Thursday at 23.44 losing $0.06 (-0.26%) on low volume. Today's closing price of 23.44 marks the lowest close since April 6th. Trading $0.14 higher after the open, Leucadia National 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. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for JEF
Volatility

Thursday's trading range was $0.20 (0.85%), that's far below last trading month's daily average range of $0.47. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being below average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 23.30. Prices are trading close to the key resistance level at 23.74.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling could accelerate should prices move below the close-by swing low at 23.30 where further sell stops might get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Jefferies Financial Group Inc.
ConditionForecastDirectionWinAvgWorstBestEvents
Takuri Line TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
4 Consecutive Lower Closes TQ Pro Members Only
Bearish Spinning Top TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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