CCL.AX drops to lowest close since March 29th
Coca-Cola Amatil Ltd (CCL.AX) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (CCL.AX as at May 17, 2018):
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.
Breaking below the key support level at 8.70 today, it is now likely to act as resistance going forward.
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.