CBRL closes higher for the 2nd day in a row
Cracker Barrel Old Country Store Inc. (CBRL) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CBRL finished the week 2.87% higher at 168.32 after gaining $1.49 (0.89%) today, strongly outperforming the S&P 500 (-0.16%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (CBRL as at Jun 14, 2019):
Friday's trading range has been $2.71 (1.62%), that's below the last trading month's daily average range of $3.87. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CBRL.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Monday, CBRL actually lost -0.48% on the following trading day.
Prices are trading close to the key technical support level at 166.77 (S1). Prices are trading close to the key technical resistance level at 169.80 (R1).
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 172.89, upside momentum might speed up should Cracker Barrel be able to break out to new highs for the year. Trading close to April's high at 171.81 we could see further upside momentum if potential buy stops at the level get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Cracker Barrel. Out of 340 times, CBRL closed higher 50.59% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.24% with an average market move of 0.84%.