CCL.AX pushes through 100-day moving average


Coca-Cola Amatil Ltd (CCL.AX) Technical Analysis Report for May 18, 2018 [< 1 min read]
Highlights
CCL.AX finds buyers at key support level
CCL.AX pushes through 100-day moving average
CCL.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 50% Bullish
Technical Forecast:
Overview

CCL.AX finished the week -2.88% lower at 8.78 after gaining A$0.10 (1.15%) today. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.

Daily chart for CCL.AX
Volatility

Friday's trading range was A$0.14 (1.61%), that's slightly below last trading month's daily average range of A$0.17. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being way above average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving lower in the prior session, the share managed to close higher but below the previous day's open, forming a bullish Harami Candle.

Support/Resistance

After trading as low as 8.68 during the day, Coca-Cola Amatil bounced off the key support level at 8.70. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 8.89.

Trend

Although still in a long-term uptrend, the short and medium-term trends both turned bearish already. The stock managed to break above the 100-day moving average at 8.70 today for the first time since December 4, 2017.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Coca-Cola Amatil Ltd
Condition Forecast Direction Win Avg Worst Best Events
Close to Swing High TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
Bullish Spinning Top TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

CCL.AX closes within prior day's range

Aug 17, 2018
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