NG..L ends the day on a bearish note closing near the low of the day
National Grid plc (NG.L) Technical Analysis Report for Jul 13, 2018
NG.. L ended the week -2.27% lower at 856.60 after losing £4.80 (-0.56%) today on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was £9.30 (1.08%), that's slightly below last trading month's daily average range of £9.83. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 849.30. After having been unable to move above 863.80 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 865.50.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.