RMG.L pushes through previous session high
Royal Mail (RMG.L) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (RMG.L as at Aug 10, 2018):
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.