BF-B breaks below previous session low


Brown-Forman Corp. (BF-B) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
BF-B finds support at 20-day moving average
BF-B breaks below previous session low
BF-B falls to lowest close since August 2nd
BF-B ends the day indecisive
TQ Sentiment
Report Sentiment: 28% Bullish
Technical Forecast:
Overview

BF-B ended the week -1.37% lower at 53.25 after losing $0.38 (-0.71%) today. Today's closing price of 53.25 marks the lowest close since August 2nd. Closing below Thursday's low at 53.35, the market confirms its breakout through the previous session's low having traded $0.31 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for BF-B
Volatility

Friday's trading range was $0.61 (1.14%), that's below last trading month's daily average range of $0.91. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Support/Resistance

Prices are trading close to a key support level at 52.89. After trading as low as 53.04 during the day, Brown-Forman Corp. found support at the 20-day moving average at 53.11.

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 close-by swing high at 53.85 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 52.81 where further sell stops could get activated.

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
Down Close Near Low of Period TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Bearish Break through SMA 200 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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