Traders officially love to sell BF-B against 52.96 level
Brown-Forman Corp. (BF-B) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (BF-B as at Jun 14, 2018):
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.
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 52.97 where further buy stops could get triggered.