ARNC ends the day on a bullish note closing near the high of the day
Arconic Inc (ARNC) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
ARNC ended the week -1.98% lower at 20.81 after gaining $0.04 (0.19%) today. Closing within the previous day's range, prices failed to decisively move past the prior 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 Aug 10, 2018):
Friday's trading range was $0.40 (1.94%), that's slightly below last trading month's daily average range of $0.49. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.
Despite a weak opening the share managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Buying might speed up should prices move above the nearby swing high at 21.20 where further buy stops could get activated.