RDSA.L breaks below prior session low
Royal Dutch Shell plc (RDSA.L) Technical Analysis Report for Aug 10, 2018
Moving lower for the 2nd day in a row, RDSA.L finished the week -0.53% lower at 2531.00 after losing £32.00 (-1.25%) today. Today's closing price of 2531.00 marks the lowest close since June 21st. Closing below Thursday's low at 2561.50, the market confirms its breakout through the prior session's low having traded £39.50 below it intraday.
Daily Candlestick Chart (RDSA.L as at Aug 10, 2018):
Friday's trading range was £31.00 (1.22%), that's below last trading month's daily average range of £44.12. 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 2518.50. Prices are trading close to the key resistance level at 2554.00.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already. The stock broke below the 100-day moving average at 2539.91 today for the first time since February 5th.
Selling could accelerate should prices move below the nearby swing low at 2518.50 where further sell stops might get triggered. Trading close to June's low at 2498.50 we could see further downside momentum if potential sell stops at the level get activated.