SGRO.L breaks key support level
Segro (SGRO.L) Technical Analysis Report for Sep 14, 2018
Moving lower for the 2nd day in a row, SGRO.L finished the week -0.68% lower at 647.00 after tanking £6.00 (-0.92%) today. This is the biggest single day loss in over a month. Today's closing price of 647.00 marks the lowest close since May 24th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 653.00, the share confirms its breakout through the prior session's low having traded £7.20 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was £9.60 (1.46%), that's far above last trading month's daily average range of £6.66. 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 645.40. Breaking below the key support level at 651.60 today, it is now likely to act as resistance going forward.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling might speed up should prices move below the nearby swing low at 645.80 where further sell stops could get activated. Further selling might move prices lower should the market test August's close-by low at 645.40.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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