RMG.L unable to break through key resistance level

Royal Mail (RMG.L) Technical Analysis Report for Sep 14, 2018

Highlights

RMG.L closes above its opening price after recovering from early selling pressure
RMG.L unable to break through key resistance level
RMG.L closes higher for the 6th day in a row
RMG.L ends the day on a bullish note closing near the high of the day
RMG.L pushes through previous session high

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

Moving higher for the 6th day in a row, RMG.L ended the week 3.83% higher at 485.50 after gaining £3.10 (0.64%) today. Today's closing price of 485.50 marks the highest close since July 17th. Trading up to £3.50 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 484.40, the share confirms its breakout through the previous session's high having traded £1.70 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

Friday's trading range was £4.30 (0.89%), that's far below last trading month's daily average range of £10.60. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Unable to break through the key technical resistance level at 485.60, the stock closed below it after spiking as high as 486.10 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.

Trend

Though Royal Mail is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Royal Mail

Condition Forecast Direction Win Rate Exit Day Events
7 Consecutive Higher Closes TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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