RRS.L dominated by bears dragging the market lower throughout the day

Randgold Resources (RRS.L) Technical Analysis Report for Jul 13, 2018

Highlights

RRS.L dominated by bears dragging the market lower throughout the day
RRS.L ends the day on a bearish note closing near the low of the day
RRS.L breaks below previous session low
RRS.L falls to lowest close since December 15, 2016

TQ Sentiment

Report Sentiment:
75% Bearish
Technical Forecast:

Overview

RRS.L ended the week -4.13% lower at 5480.00 after losing £92.00 (-1.65%) today. Today's closing price of 5480.00 marks the lowest close since December 15, 2016. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 5522.00, Randgold Resources confirms its breakout through the prior session's low having traded £60.00 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for RRS.L

Volatility

Friday's trading range was £120.00 (2.15%), that's slightly above last trading month's daily average range of £108.90. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly below average.

Trend

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

Conclusion

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

Market Conditions for Randgold Resources

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