REL.L tumbles, loses £45.50 (-2.75%) within a single day
Moving lower for the 3rd day in a row, REL.L ended Thursday at 1609.50 tanking £45.50 (-2.75%) on high volume. This is the biggest single day loss in over a year. Today's closing price of 1609.50 marks the lowest close since May 17th. Closing below Wednesday's low at 1655.00, the share confirms its breakout through the previous session's low having traded £69.00 below it intraday.
Thursday's trading range was £59.00 (3.59%), that's far above last trading month's daily average range of £20.75. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly below average.
After trading as low as 1586.00 during the day, the stock bounced off the key support level at 1588.50. The failure to close below the support might increase that levels importance as support going forward. Breaking below the key support level at 1625.00 today, it is now likely to act as resistance going forward. After trading as low as 1586.00 during the day, the market found support at the 50-day moving average at 1587.16.
RELX Group shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. REL.L broke below the 200-day moving average at 1620.47 today for the first time since January 11th.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for RELX Group
|Close to R1 Resistance||TQ Pro Members Only|
|Decisive Up Move||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
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