VOD.L closes within previous day's range after lackluster session
Vodafone Group Plc (VOD.L) Technical Analysis Report for Apr 16, 2018
Moving lower for the 2nd day in a row, VOD.L ended Monday at 206.60 losing £0.25 (-0.12%) on low volume. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was £2.00 (0.97%), that's below last trading month's daily average range of £3.05. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 204.00 and 207.85 which it has been in now for the last trading week.
Prices are trading close to the key resistance level at 208.25. The stock was sold again around 207.45 after having seen highs at 207.55, 207.85 and 207.70 in the last three trading sessions. Obviously there is something going on at that level.
Though Vodafone is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
Buying might speed up should prices move above the nearby swing high at 207.85 where further buy stops could get activated. Further buying might move prices higher should the market test March's close-by high at 208.25.
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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