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 [1 min read]
Highlights
CCL.AX finds buyers around 8.77 for the third day in a row
CCL.AX dominated by bulls lifting the market higher throughout the day
CCL.AX finds buyers at key support level
CCL.AX pushes through 20-day moving average
CCL.AX ends the day on a bullish note closing near the high of the day
TQ Sentiment
Report Sentiment: 100% Bullish
Technical Forecast:
Overview

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 chart for CCL.AX
Volatility

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.

Price Action

Regardless of a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

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.

Trend

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.

Order Flow

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.

Conclusion

Even though both sentiments are bullish for the next trading day, our quantitative statistics are only bullish while the classical technical analysis metrics show a very bullish sentiment.

Market Conditions for Coca-Cola Amatil Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Doji TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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