RMG.L pushes through previous session high


Royal Mail (RMG.L) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
RMG.L dominated by bulls lifting the market higher throughout the day
RMG.L fails to close above 20-day moving average
RMG.L closes higher for the 3rd day in a row
RMG.L pushes through previous session high
RMG.L rises to highest close since July 31st
TQ Sentiment
Report Sentiment: 40% Bullish
Technical Forecast:
Overview

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.

Daily chart for RMG.L
Volatility

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.

Support/Resistance

After spiking up to 467.50 during the day, Royal Mail found resistance at the 20-day moving average at 466.87.

Trend

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

Order Flow

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.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
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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