CB falls to lowest close since May 8th
Chubb Corp. (CB) Technical Analysis Report for May 17, 2018
CB ended Thursday at 134.45 edging lower $0.12 (-0.09%). Today's closing price of 134.45 marks the lowest close since May 8th. Closing within the prior day's range, prices failed to decisively move beyond 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.
Thursday's trading range was $1.12 (0.83%), that's far below last trading month's daily average range of $2.19. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to a key support level at 133.82. The market found buyers again today around 133.93 for the third trading day in a row after having found demand at 133.82 in the previous session and at 134.00 two days ago. After spiking up to 135.05 during the day, the stock found resistance at the 20-day moving average at 135.04.
While the share 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.
Selling could speed up should prices move below the nearby swing low at 133.82 where further sell stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.