RSG closes above its opening price after recovering from early selling pressure
Republic Services Inc. (RSG) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
RSG ended Thursday at 69.23 gaining $0.50 (0.73%) on high volume. Trading up to $0.31 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (RSG as at Jun 14, 2018):
Thursday's trading range was $0.90 (1.31%), that's above last trading month's daily average range of $0.70. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.
Breaking through the key resistance level at 69.03 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 69.67.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 69.67 where further buy stops might get triggered.