UU..L closes below its opening price unable to hold early session gains
UU.. L ended the week -6.31% lower at 734.00 after losing £1.00 (-0.14%) today. Trading £10.00 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior 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 £13.60 (1.84%), that's slightly below last trading month's daily average range of £15.14. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 723.00. Breaking below the key support level at 735.00 today, it is now likely to act as resistance going forward.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling could accelerate should prices move below the close-by swing low at 723.00 where further sell stops might 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 United Utilities
|Close near high of period||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
|Decisive Up Move||TQ Pro Members Only|
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