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CCL.AX drops to lowest close since March 29th


Technical Analysis Report for CCL.AX - May 17, 2018 [< 1 min read]
Highlights
CCL.AX crashes, loses A$0.29 (-3.23%) within a single day
CCL.AX breaks key support level
CCL.AX breaks below 100-day moving average
CCL.AX breaks below previous session low
CCL.AX falls to lowest close since March 29th
TQ Sentiment
Technical Forecast:
Overview

CCL.AX ended Thursday at 8.68 tanking A$0.29 (-3.23%) on high volume. This is the biggest single day loss in over five months. Today's closing price of 8.68 marks the lowest close since March 29th. Closing below Wednesday's low at 8.94, the market confirms its breakout through the prior session's low having traded A$0.53 below it intraday.

Daily chart for CCL.AX
Volatility

Thursday's trading range was A$0.51 (5.72%), that's far above last trading month's daily average range of A$0.17. Weekly volatility is also higher, being way above the markets average with the monthly volatility being way above average.

Support/Resistance

Breaking below the key support level at 8.70 today, it is now likely to act as resistance going forward.

Trend

Although still in a long-term uptrend, the short and medium-term trends both turned bearish already. Coca-Cola Amatil broke below the 100-day moving average at 8.70 today for the first time since April 21, 2017.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bearish sentiment for the next trading day.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Price broke through Technical Support S1 TQ Pro Members Only
Bearish Break through SMA 100 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Very Strong Down Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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