TW.L breaks key support level
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.
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.
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 Taylor Wimpey
|Close to R1 Resistance||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|52 Week Low||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
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