CB dominated by bulls lifting the market higher throughout the day
Chubb Corp. (CB) Technical Analysis Report for Sep 14, 2018
Moving higher for the 2nd day in a row, CB finished the week 1.1% higher at 138.11 after surging $1.84 (1.35%) today. This is the biggest single day gain in over a month. Today's closing price of 138.11 marks the highest close since August 7th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 136.54, the share confirms its breakout through the previous session's high having traded $1.66 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was $1.88 (1.38%), that's above last trading month's daily average range of $1.49. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being below average.
Breaking through the key resistance level at 136.69 today, it is now likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying could move prices higher should the market test August's close-by high at 140.40.
While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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