RBS.L ends the day on a bearish note closing near the low of the day


Royal Bank of Scotland PLC (RBS.L) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
RBS.L closes below its opening price unable to hold early session gains
RBS.L unable to break through key resistance level
RBS.L ends the day on a bearish note closing near the low of the day
RBS.L breaks below previous session low
TQ Sentiment
Report Sentiment: 66% Bearish
Technical Forecast:
Overview

RBS.L finished Monday at 262.90 losing £1.90 (-0.72%) on low volume. Trading £1.10 higher after the open, RBS was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Friday's low at 264.00, the share confirms its breakout through the previous session's low having traded £1.20 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for RBS.L
Volatility

Monday's trading range was £3.00 (1.13%), that's far below last trading month's daily average range of £4.32. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Unable to break through the key technical resistance level at 264.70, the market closed below it after spiking as high as 265.80 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.

Trend

Although the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 267.50 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 259.00 where further sell stops could get activated.

Conclusion

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

Market Conditions for Royal Bank of Scotland PLC
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
Takuri Line TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Low close to previous two Lows 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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