TW.L breaks key support level
Taylor Wimpey (TW.L) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, TW.L ended the week 0.91% higher at 172.35 after losing £1.05 (-0.61%) today on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (TW.L as at Aug 10, 2018):
Friday's trading range was £1.80 (1.04%), that's below last trading month's daily average range of £2.98. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Breaking below the key support level at 172.40 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 175.10 where further buy stops could get activated.