RTO.L closes above its opening price after recovering from early selling pressure
Rentokil Initial (RTO.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
RTO.L ended Thursday at 353.30 edging lower £0.20 (-0.06%). Trading up to £3.90 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (RTO.L as at Jun 14, 2018):
Thursday's trading range was £8.20 (2.34%), that's far above last trading month's daily average range of £5.12. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 346.70 and 356.40 which it has been in now for the last trading week.
After trading as low as 347.10 during the day, the share bounced off the key support level at 348.00. The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 356.40 where further buy stops could get activated.