RTO.L closes below its opening price unable to hold early session gains
Rentokil Initial (RTO.L) Technical Analysis Report for Jul 13, 2018
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.
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.
Prices are trading close to a key support level at 346.70.
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.