TCO ends the day on a bearish note closing near the low of the day
Taubman Centers (TCO) Technical Analysis Report for Aug 10, 2018
TCO finished the week -1.29% lower at 62.63 after losing $0.80 (-1.26%) today. Closing below Thursday's low at 62.79, the share confirms its breakout through the prior session's low having traded $0.32 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (TCO as at Aug 10, 2018):
Friday's trading range was $1.05 (1.66%), that's slightly below last trading month's daily average range of $1.32. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average.
After having been unable to move above 63.52 in the previous session, Taubman Centers ran into sellers again around the same price level today, failing to move higher than 63.52.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 63.69 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 62.00 where further sell stops could get triggered.