CCL.AX pushes through 100-day moving average
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.
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.
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.
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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|Bounced off Technical Support S1||TQ Pro Members Only|
|Bullish Break through SMA 100||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|Bullish Harami Candle||TQ Pro Members Only|
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