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CCI stuck within tight trading range


Technical Analysis Report for CCI - Apr 16, 2018 [1 min read]
Highlights
CCI runs into sellers around 105.06 for the third day in a row
CCI closes above its opening price after recovering from early selling pressure
CCI fails to close above 200-day moving average
CCI stuck within tight trading range
CCI closes within previous day's range after lackluster session
TQ Sentiment
Technical Forecast:
Overview

CCI finished Monday at 104.33 gaining $0.57 (0.55%) on low volume. Trading up to $0.59 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior 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.

Daily chart for CCI
Volatility

Monday's trading range was $1.35 (1.29%), that's below last trading month's daily average range of $2.42. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 103.12 and 105.29 which it has been in now for the last three days.

Price Action

After moving lower in the previous session, the market managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to a key support level at 103.04. Prices are trading close to the key resistance level at 105.75. The stock ran into sellers again today around 105.06 for the third trading day in a row after having found sellers at 105.01 in the previous session and at 105.29 two days ago. After spiking up to 105.06 during the day, CCI found resistance at the 200-day moving average at 104.47.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

With prices trading close to this year's low at 99.82, downside momentum might accelerate should the share break out to new lows for the year.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bearish Bounce off SMA 200 TQ Pro Members Only
High close to previous two Highs TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Harami Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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