CAG finds buyers at key support level
ConAgra Brands Inc. (CAG) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, CAG finished Thursday at 38.20 gaining $0.25 (0.66%). Today's closing price of 38.20 marks the highest close since March 6th. Trading up to $0.12 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 38.19, ConAgra Foods confirms its breakout through the previous session's high having traded $0.04 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (CAG as at Jun 14, 2018):
Thursday's trading range was $0.35 (0.92%), that's below last trading month's daily average range of $0.55. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
After trading as low as 37.88 during the day, the market bounced off the key support level at 37.91. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move above 38.19 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 38.23.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 39.08, upside momentum might accelerate should CAG be able to break out to new highs for the year.