CCP.AX ends the day indecisive
Credit Corp Group (CCP.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CCP.AX ended the week 0.27% higher at 22.51 after gaining A$0.22 (0.99%) today. Today's closing price of 22.51 marks the highest close since January 29th. Trading up to A$0.16 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (CCP.AX as at Aug 10, 2018):
Friday's trading range was A$0.46 (2.06%), that's slightly below last trading month's daily average range of A$0.69. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way above average.
Prices are trading close to the key resistance level at 22.75. After having been unable to move above 22.66 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 22.66.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 22.75 where further buy stops could get triggered. With prices trading close to this year's high at 23.89, upside momentum might accelerate should Credit Corp be able to break out to new highs for the year.