Traders officially love to sell BF-B against 52.96 level


Brown-Forman Corp. (BF-B) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
Traders officially love to sell BF-B against 52.96 level
BF-B dominated by bulls lifting the market higher throughout the day
BF-B ends the day on a bullish note closing near the high of the day
BF-B still stuck within tight trading range
BF-B closes within previous day's range
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

BF-B finished Thursday at 52.94 gaining $0.73 (1.4%). The bulls were in full control today, moving the market higher throughout the whole session. 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 chart for BF-B
Volatility

Thursday's trading range was $0.93 (1.78%), that's slightly below last trading month's daily average range of $1.24. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 51.25 and 53.08 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 53.88. The share was sold again around 52.96 after having seen highs at 52.97, 52.85 and 52.96 in the last three trading sessions. Obviously there is something going on at that level.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 52.97 where further buy stops could get triggered.

Conclusion

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 Brown-Forman Corp.
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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