CCL.AX closes lower for the 2nd day in a row
Moving lower for the 2nd day in a row, CCL.AX finished Thursday at 8.87 tanking A$0.26 (-2.85%). This is the biggest single day loss in over four weeks. Today's closing price of 8.87 marks the lowest close since May 30th. Trading A$0.07 higher after the open, Coca-Cola Amatil was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 9.12, the share confirms its breakout through the previous session's low having traded A$0.29 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Thursday's trading range was A$0.20 (2.23%), that's slightly above last trading month's daily average range of A$0.18. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.
Unable to break through the key technical resistance level at 8.96, the market closed below it after spiking as high as 9.03 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After trading as low as 8.83 during the day, the stock found support at the 20-day moving average at 8.86.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. CCL.AX broke below the 50-day moving average at 8.98 today for the first time since May 17th.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Coca-Cola Amatil Ltd
|Bearish High-Wave Candle||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Bullish Bounce off SMA 20||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
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