CAG finds buyers at key support level
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.
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.
Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a bullish sentiment.
Market Conditions for ConAgra Foods Inc.
|Gap Up||TQ Pro Members Only|
|Bullish Break through SMA 20||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
|Up Close near high of period||TQ Pro Members Only|
|Bullish Intraday Reversal||TQ Pro Members Only|
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