RL closes within previous day's range
Ralph Lauren Corporation (RL) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
RL ended the week 4.62% higher at 136.38 after losing $0.25 (-0.18%) today. Closing within the previous day's range, prices failed to decisively move past 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.
Daily Candlestick Chart (RL as at Aug 10, 2018):
Friday's trading range was $2.51 (1.85%), that's slightly below last trading month's daily average range of $3.81. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to a key support level at 134.66. Prices are trading close to the key resistance level at 137.86. After having been unable to move above 137.86 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 137.35.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 137.86 where further buy stops might get activated.