RTO.L closes above its opening price after recovering from early selling pressure


Rentokil Initial (RTO.L) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
RTO.L closes above its opening price after recovering from early selling pressure
RTO.L finds buyers at key support level
RTO.L still stuck within tight trading range
RTO.L closes within previous day's range
RTO.L ends the day indecisive
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

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 chart for RTO.L
Volatility

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.

Support/Resistance

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.

Trend

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

Order Flow

Buying might accelerate should prices move above the close-by swing high at 356.40 where further buy stops could get activated.

Conclusion

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

Market Conditions for Rentokil Initial
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Black Candle TQ Pro Members Only
Bearish Short Candle TQ Pro Members Only
Close near low of period TQ Pro Members Only
Decisive Down Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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