RF closes above its opening price after recovering from early selling pressure

Regions Financial Corporation (RF) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team


RF closes above its opening price after recovering from early selling pressure
RF finds buyers at key support level
RF ends the day on a bullish note closing near the high of the day
RF runs into sellers again around 19.36
RF still stuck within tight trading range


RF ended Thursday at 19.32 gaining $0.02 (0.1%). Trading up to $0.18 lower after the open, the stock 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 past the prior day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily Candlestick Chart (RF as at May 17, 2018):

Daily technical analysis candlestick chart for Regions Financial Corporation (RF) as at May 17, 2018

Thursday's trading range was $0.25 (1.3%), that's below last trading month's daily average range of $0.40. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 19.11 and 19.49 which it has been in now for the last trading week.

After trading as low as 19.11 during the day, the market bounced off the key support level at 19.23. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move above 19.40 in the previous session, Regions Financial ran into sellers again around the same price level today, failing to move higher than 19.36.

The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Buying might speed up should prices move above the nearby swing high at 19.45 where further buy stops could get activated.

Market Conditions for RF as at May 17, 2018

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