OML.L closes within prior day's range after lackluster session
Moving higher for the 3rd day in a row, OML.L finished Thursday at 226.90 gaining £1.80 (0.8%). Today's closing price of 226.90 marks the highest close since June 6th. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.
Thursday's trading range was £4.20 (1.87%), that's below last trading month's daily average range of £5.52. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way above average.
Prices are trading close to the key resistance level at 230.50. After having been unable to move above 227.20 in the previous session, Old Mutual ran into sellers again around the same price level today, failing to move higher than 227.80.
The trend is clearly bearish, showing an intact downtrend 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.
Market Conditions for Old Mutual
|Down Close Near Low of Period||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|Black Candle||TQ Pro Members Only|
|RSI(2) below 20||TQ Pro Members Only|
|Close near low of period||TQ Pro Members Only|
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