CAG stuck within tight trading range


ConAgra Foods Inc. (CAG) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
CAG breaks below 200-day moving average
CAG closes above its opening price after recovering from early selling pressure
CAG finds buyers at key support level
CAG finds support at 20-day moving average
CAG finds buyers again around 36.42
TQ Sentiment
Report Sentiment: 44% Bullish
Technical Forecast:
Overview

CAG ended the week -2.53% lower at 36.65 after edging lower $0.13 (-0.35%) today. Trading up to $0.22 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for CAG
Volatility

Friday's trading range was $0.37 (1.01%), that's far below last trading month's daily average range of $0.55. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 36.42 and 36.93 which it has been in now for the last three days.

Support/Resistance

After trading as low as 36.42 during the day, the share bounced off the key support level at 36.45. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move lower than 36.42 in the prior session, the market found buyers again around the same price level today at 36.42. After trading as low as 36.42 during the day, ConAgra Foods found support at the 20-day moving average at 36.52.

Trend

While still in a long-term uptrend, the short and medium-term trends both turned bearish already. CAG broke below the 200-day moving average at 36.72 today for the first time since August 8th.

Order Flow

Selling might speed up should prices move below the nearby swing low at 36.11 where further sell stops could get triggered.

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 ConAgra Foods Inc.
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
4 Consecutive Higher Closes TQ Pro Members Only
White Candle TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
More market conditions identified for TQ Pro members...
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