RL closes higher for the 2nd day in a row
Polo Ralph Lauren Corp. (RL) Technical Analysis Report for Jul 13, 2018
Moving higher for the 2nd day in a row, RL ended the week 0.89% higher at 127.55 after edging higher $0.12 (0.09%) today. Trading $2.18 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $2.64 (2.07%), that's slightly below last trading month's daily average range of $2.94. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.
Prices are trading close to a key support level at 126.08. After trading as low as 127.12 during the day, the market found support at the 50-day moving average at 127.22.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 126.08 where further sell stops could get triggered. As prices are trading close to July's low at 124.14, downside momentum might accelerate should the stock mark new lows for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.