CCP.AX dominated by bulls lifting the market higher throughout the day
Credit Corp Group (CCP.AX) Technical Analysis Report for Sep 14, 2018
CCP.AX finished the week -0.31% lower at 22.69 after surging A$0.40 (1.79%) today on low volume. This is the biggest single day gain in over four weeks. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was A$0.53 (2.38%), that's slightly above last trading month's daily average range of A$0.47. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 22.23 and 22.89 which it has been in now for the last trading week.
Notwithstanding a weak opening Credit Corp managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
Prices are trading close to the key resistance level at 22.89. After having been unable to move lower than 22.28 in the prior session, the share found buyers again around the same price level today at 22.23.
Although the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.
Buying might accelerate should prices move above the nearby swing high at 22.88 where further buy stops could get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
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