CCL.AX pushes through 100-day moving average
Coca-Cola Amatil Ltd (CCL.AX) Technical Analysis Report for May 18, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (CCL.AX as at May 18, 2018):
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.