CCH.L pushes through prior session high


Coca-Cola HBC AG (CCH.L) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
CCH.L finds buyers at key support level
CCH.L closes higher for the 3rd day in a row
CCH.L ends the day on a bullish note closing near the high of the day
CCH.L pushes through previous session high
CCH.L rises to highest close since May 25th
TQ Sentiment
Technical Forecast:
Overview

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 chart for CCH.L
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

Coca-Cola shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

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.

Conclusion

While classical technical analysis indicates a slightly bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Coca-Cola HBC AG
ConditionForecastDirectionWinAvgWorstBest
Black Candle TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
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