PRU.L closes within prior day's range
Prudential plc (PRU.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PRU.L finished Thursday at 1864.50 gaining £0.50 (0.03%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (PRU.L as at Jun 14, 2018):
Thursday's trading range was £51.00 (2.75%), that's far above last trading month's daily average range of £31.07. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
Unable to break through the key technical resistance level at 1868.00, the market closed below it after spiking as high as 1886.00 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After spiking up to 1886.00 during the day, the share found resistance at the 50-day moving average at 1865.11.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already. The stock broke below the 50-day moving average at 1865.11 today for the first time since June 12th.