RBS.L closes above its opening price after recovering from early selling pressure


Royal Bank of Scotland PLC (RBS.L) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
RBS.L pushes through key resistance level
RBS.L closes above its opening price after recovering from early selling pressure
RBS.L closes within previous day's range
TQ Sentiment
Report Sentiment: 66% Bullish
Technical Forecast:
Overview

RBS.L ended Thursday at 263.60 gaining £1.60 (0.61%). Trading up to £2.00 lower after the open, the market 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.

Daily chart for RBS.L
Volatility

Thursday's trading range was £4.80 (1.83%), that's slightly below last trading month's daily average range of £5.44. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average.

Support/Resistance

Breaking through the key resistance level at 262.70 today, it is now likely to act as support going forward.

Trend

RBS shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

With prices trading close to this year's low at 252.60, downside momentum might accelerate should the share break out to new lows for the year. Trading close to April's low at 254.20 we could see further downside momentum if potential sell stops at the level get triggered.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.

Market Conditions for Royal Bank of Scotland PLC
Condition Forecast Direction Win Avg Worst Best Events
4 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Black Candle TQ Pro Members Only
High close to previous High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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