CCH.L pushes through prior session high
Coca-Cola HBC AG (CCH.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, CCH.L finished Thursday at 2630.00 gaining £26.00 (1.0%). Today's closing price of 2630.00 marks the highest close since May 25th. Closing above Wednesday's high at 2626.00, the stock confirms its breakout through the prior session's high having traded £17.00 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (CCH.L as at Jun 14, 2018):
Thursday's trading range was £84.00 (3.25%), that's far above last trading month's daily average range of £42.90. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.
After trading as low as 2559.00 during the day, the share bounced off the key support level at 2579.00. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 2645.00.
Coca-Cola shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
With prices trading close to this year's high at 2711.00, upside momentum could speed up should the market be able to break out to new highs for the year. Further buying might move prices higher should the market test May's nearby high at 2677.00.