RL closes within previous day's range after lackluster session

Polo Ralph Lauren Corp. (RL) Technical Analysis Report for Apr 16, 2018

Highlights

RL closes above its opening price after recovering from early selling pressure
RL closes within previous day's range after lackluster session
RL ends the day indecisive

TQ Sentiment

Report Sentiment: 37% Bullish
Technical Forecast:

Overview

RL finished Monday at 111.99 gaining $0.84 (0.76%). Trading up to $0.91 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 prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for RL

Volatility

Monday's trading range was $1.52 (1.36%), that's far below last trading month's daily average range of $2.81. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the share managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to a key support level at 110.64. Prices are trading close to the key resistance level at 112.69.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Selling might accelerate should prices move below the close-by swing low at 109.32 where further sell stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.

Market Conditions for Polo Ralph Lauren Corp.

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Latest Report:

RL closes within previous day's range

Sep 21, 2018
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