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BF-B still stuck within tight trading range


Technical Analysis Report for BF-B - Apr 16, 2018 [1 min read]
Highlights
BF-B finds buyers at key support level
BF-B closes higher for the 2nd day in a row
BF-B pushes through previous session high
BF-B rises to highest close since Inception
BF-B still stuck within tight trading range
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, BF-B finished Monday at 55.90 gaining $0.47 (0.85%). Today's closing price of 55.90 marks the highest close since Inception. Closing above Friday's high at 55.71, the market confirms its breakout through the prior session's high having traded $0.49 above 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

Monday's trading range was $0.74 (1.32%), that's far below last trading month's daily average range of $1.16. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 54.89 and 56.20 which it has been in now for the last trading week.

Support/Resistance

After trading as low as 55.46 during the day, Brown-Forman Corp. bounced off the key support level at 55.64. The failure to close below the support might increase that levels importance as support going forward.

Trend

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

Order Flow

Selling could accelerate should prices move below the close-by swing low at 54.99 where further sell stops might 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.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Support S1 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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