RRS.L dominated by bulls lifting the market higher throughout the day
Randgold Resources (RRS.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, RRS.L finished Thursday at 5944.00 surging £78.00 (1.33%). This is the biggest single day gain in over two weeks. Today's closing price of 5944.00 marks the highest close since June 6th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 5890.00, the share confirms its breakout through the prior session's high having traded £62.00 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (RRS.L as at Jun 14, 2018):
Thursday's trading range was £142.00 (2.43%), that's far above last trading month's daily average range of £98.50. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Despite a weak opening the stock managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
Breaking through the key resistance level at 5940.00 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 6014.00. The market found buyers again today around 5810.00 for the third trading day in a row after having found demand at 5792.00 in the prior session and at 5808.00 two days ago. After trading as low as 5810.00 during the day, Randgold Resources found support at the 50-day moving average at 5830.04.
RRS.L shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Buying could accelerate should prices move above the nearby swing high at 6046.00 where further buy stops might get triggered. As prices are trading close to June's high at 6048.00, upside momentum could speed up should the share mark new highs for the month.