RMG.L dominated by bulls lifting the market higher throughout the day


Royal Mail (RMG.L) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
RMG.L dominated by bulls lifting the market higher throughout the day
RMG.L ends the day on a bullish note closing near the high of the day
RMG.L pushes through previous session high
RMG.L rises to highest close since May 31st
TQ Sentiment
Report Sentiment: 83% Bullish
Technical Forecast:
Overview

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 chart for RMG.L
Volatility

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.

Price Action

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.

Trend

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

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.

Conclusion

Even though both sentiments are bullish for the next trading day, our quantitative statistics are only bullish while the classical technical analysis metrics show a very bullish sentiment.

Market Conditions for Royal Mail
Condition Forecast Direction Win Avg Worst Best Events
Bearish Outside Bar TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
High close to previous High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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