RMG.L pushes through previous session high
Moving higher for the 3rd day in a row, RMG.L ended the week 0.69% higher at 465.70 after gaining £6.20 (1.35%) today. Today's closing price of 465.70 marks the highest close since July 31st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 460.50, the share confirms its breakout through the previous session's high having traded £7.00 above it intraday.
Friday's trading range was £9.00 (1.96%), that's slightly below last trading month's daily average range of £10.92. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
After spiking up to 467.50 during the day, Royal Mail found resistance at the 20-day moving average at 466.87.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 444.90, downside momentum might accelerate should the stock break out to new lows for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
Market Conditions for Royal Mail
|Bullish Engulfing Candle||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|Strong Up Move||TQ Pro Members Only|
|Decisive Up Move||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
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