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 | by Techniquant Editorial Team
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 Candlestick Chart (RBS.L as at Jun 14, 2018):
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.
Breaking through the key resistance level at 262.70 today, it is now likely to act as support going forward.
RBS shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
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.