CCL.AX dominated by bulls lifting the market higher throughout the day
Coca-Cola Amatil Ltd (CCL.AX) Technical Analysis Report for Apr 17, 2018 | by Techniquant Editorial Team
CCL.AX ended Tuesday at 8.88 gaining A$0.09 (1.02%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (CCL.AX as at Apr 17, 2018):
Tuesday's trading range was A$0.12 (1.37%), that's slightly below last trading month's daily average range of A$0.13. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.
Regardless of a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
After trading as low as 8.77 during the day, the share bounced off the key support level at 8.78. The failure to close below the support could increase that levels importance as support going forward. The stock found buyers again today around 8.77 for the third trading day in a row after having found demand at 8.77 in the prior session and at 8.78 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. Coca-Cola Amatil managed to break above the 20-day moving average at 8.81 today for the first time since April 6th.
With prices trading close to this year's high at 9.13, upside momentum might accelerate should CCL.AX be able to break out to new highs for the year.