SGE.L ends the day on a bearish note closing near the low of the day
SGE.L finished the week 0.95% higher at 619.40 after losing £6.00 (-0.96%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was £12.20 (1.95%), that's above last trading month's daily average range of £9.88. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
Prices are trading close to a key support level at 614.40. Unable to break through the key technical resistance level at 628.40, the stock closed below it after spiking as high as 630.60 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Sage Group
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