RTO.L breaks key support level


Rentokil Initial (RTO.L) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
RTO.L breaks key support level
RTO.L finds buyers again around 331.20
RTO.L closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

RTO.L ended the week 1.8% higher at 333.30 after losing £1.40 (-0.42%) today. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.

Daily chart for RTO.L
Volatility

Friday's trading range was £3.60 (1.08%), that's far below last trading month's daily average range of £7.04. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way above average.

Support/Resistance

Breaking below the key support level at 334.50 today, it is now likely to act as resistance going forward. After having been unable to move lower than 331.70 in the previous session, the share found buyers again around the same price level today at 331.20.

Trend

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Buying might speed up should prices move above the close-by swing high at 336.10 where further buy stops could get triggered.

Conclusion

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

Market Conditions for Rentokil Initial
Condition Forecast Direction Win Avg Worst Best Events
Bullish Engulfing Candle TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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