PSN.L closes within previous day's range after lackluster session
Persimmon plc (PSN.L) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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.
Daily Candlestick Chart (PSN.L as at Aug 10, 2018):
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.