WPP.L pushes through 50-day moving average
WPP plc (WPP.L) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, WPP.L ended the week 4.62% higher at 1245.00 after gaining £19.00 (1.55%) today. Today's closing price of 1245.00 marks the highest close since June 12th. Closing above Thursday's high at 1230.50, the market confirms its breakout through the previous session's high having traded £26.50 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (WPP.L as at Jul 13, 2018):
Friday's trading range was £22.00 (1.77%), that's below last trading month's daily average range of £25.40. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.
After trading as low as 1235.00 during the day, the share bounced off the key support level at 1235.00. The failure to close below the support might increase that levels importance as support going forward.
Though WPP plc 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. The stock managed to break above the 50-day moving average at 1240.42 today for the first time since April 30th.