CB still stuck within tight trading range
Chubb Corp. (CB) Technical Analysis Report for Apr 16, 2018
CB ended Monday at 135.79 gaining $1.79 (1.34%). Today's closing price of 135.79 marks the highest close since April 4th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was $2.38 (1.76%), that's slightly below last trading month's daily average range of $2.65. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 133.39 and 136.79 which it has been in now for the last trading week.
After moving lower in the prior session, the stock managed to close higher but below the previous day's open, forming a bullish Harami Candle.
After spiking up to 136.79 during the day, the share found resistance at the 20-day moving average at 136.01.
Although Chubb Corp. is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Buying could speed up should prices move above the nearby swing high at 137.15 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 133.39 where further sell stops might get triggered. With prices trading close to this year's low at 131.14, downside momentum could speed up should the market break out to new lows for the year. As prices are trading close to April's high at 137.15, upside momentum might accelerate should CB mark new highs for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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