PSN.L closes within previous day's range after lackluster session
Moving lower for the 2nd day in a row, PSN.L ended the week 1.52% higher at 2474.00 after losing £5.00 (-0.2%) today. Trading up to £8.00 lower after the open, the share managed to reverse during the session as bulls took control ending the day above 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 the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was £17.00 (0.69%), that's far below last trading month's daily average range of £39.32. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 2447.00. After having been unable to move lower than 2464.00 in the previous session, Persimmon plc found buyers again around the same price level today at 2464.00. After trading as low as 2464.00 during the day, the stock found support at the 20-day moving average at 2471.11.
Though the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Buying could speed up should prices move above the nearby swing high at 2503.00 where further buy stops might get triggered.
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 Persimmon plc
|Strong Up Move||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Price broke through Technical Resistance R1||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
|Very Strong Up Move||TQ Pro Members Only|
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