REL.L tumbles, loses £45.50 (-2.75%) within a single day


RELX Group (REL.L) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
REL.L crashes, loses £45.50 (-2.75%) within a single day
REL.L breaks key support level
REL.L breaks below 200-day moving average
REL.L finds buyers at key support level
REL.L finds support at 50-day moving average
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

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.

Daily chart for REL.L
Volatility

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.

Support/Resistance

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.

Trend

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.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
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
More market conditions identified for TQ Pro members...
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