RTO.L breaks key support level
Rentokil Initial (RTO.L) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (RTO.L as at Aug 10, 2018):
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.
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.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Buying might speed up should prices move above the close-by swing high at 336.10 where further buy stops could get triggered.