RR..L rallies 6.54% on high volume
RR.. L ended Thursday at 882.80 surging £54.20 (6.54%) on high volume. This is the biggest single day gain in over three months. Today's closing price of 882.80 marks the highest close since April 11th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 843.20, Rolls-Royce Holdings confirms its breakout through the prior session's high having traded £40.40 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Thursday's trading range was £38.60 (4.51%), that's far above last trading month's daily average range of £14.88. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly above average.
After trading as low as 845.00 during the day, the share bounced off the key support level at 845.20. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 889.40. After trading as low as 845.00 during the day, the market found support at the 100-day moving average at 854.48.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already. The stock managed to break above the 200-day moving average at 873.34 today for the first time since March 7th.
Trading close to April's high at 903.40 we might see further upside momentum if potential buy stops at the level get activated.
While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for Rolls-Royce Holdings
|Down Close Near Low of Period||TQ Pro Members Only|
|Bearish Outside Bar||TQ Pro Members Only|
|4 Consecutive Lower Closes||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
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