ARNC ends the day on a bullish note closing near the high of the day
Arconic Inc (ARNC) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
ARNC finished Thursday at 18.00 gaining $0.03 (0.17%) on high volume. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (ARNC as at Jun 14, 2018):
Thursday's trading range was $0.42 (2.33%), that's above last trading month's daily average range of $0.34. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.
After having been unable to move above 18.04 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 18.05.
While the stock 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 accelerate should prices move above the nearby swing high at 18.27 where further buy stops could get activated.