RSA.L dominated by bulls lifting the market higher throughout the day
RSA Insurance Group (RSA.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, RSA.L ended Thursday at 658.00 gaining £5.60 (0.86%). Today's closing price of 658.00 marks the highest close since June 4th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 655.40, the market confirms its breakout through the prior session's high having traded £5.40 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 (RSA.L as at Jun 14, 2018):
Thursday's trading range was £15.40 (2.38%), that's far above last trading month's daily average range of £9.52. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.
After trading as low as 645.40 during the day, the stock bounced off the key support level at 646.60. 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 664.40. After having been unable to move lower than 646.80 in the previous session, RSA Insurance found buyers again around the same price level today at 645.40.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The share managed to break above the 20-day moving average at 656.53 today for the first time since June 1st.
As prices are trading close to June's high at 666.20, upside momentum might accelerate should RSA.L mark new highs for the month.