RTO.L closes below its opening price unable to hold early session gains

Rentokil Initial (RTO.L) Technical Analysis Report for Jul 13, 2018

Highlights

RTO.L closes below its opening price unable to hold early session gains
RTO.L closes higher for the 2nd day in a row
RTO.L rises to highest close since June 29th
RTO.L closes within previous day's range

TQ Sentiment

Report Sentiment:
Neutral
Technical Forecast:
TQ Pro Only
See the overall Technical Analysis forecast for today.

Overview

Moving higher for the 2nd day in a row, RTO.L finished the week 1.3% higher at 349.80 after edging higher £0.60 (0.17%) today. Today's closing price of 349.80 marks the highest close since June 29th. Trading £3.20 higher after the open, Rentokil Initial was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.

Daily chart for RTO.L

Volatility

Friday's trading range was £5.60 (1.59%), that's slightly below last trading month's daily average range of £6.28. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 346.70.

Trend

While the share is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

Order Flow

With prices trading close to this year's high at 356.40, upside momentum might accelerate should the market be able to break out to new highs for the year.

Conclusion

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

Market Conditions for Rentokil Initial

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