RMG.L dominated by bulls lifting the market higher throughout the day
Royal Mail (RMG.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
RMG.L ended Thursday at 505.20 gaining £13.00 (2.64%). Today's closing price of 505.20 marks the highest close since May 31st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 501.00, the market confirms its breakout through the previous session's high having traded £4.20 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (RMG.L as at Jun 14, 2018):
Thursday's trading range was £18.30 (3.74%), that's above last trading month's daily average range of £12.87. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. Regardless of a weak opening the share managed to close above the prior day's open and close, forming a bullish Engulfing Candle.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
As prices are trading close to June's high at 511.40, upside momentum might accelerate should the stock mark new highs for the month.