CF unable to break through key resistance level
CF ended the week 0.41% higher at 49.27 after losing $0.48 (-0.96%) today. Trading $1.15 higher after the open, CF Industries was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was $1.49 (3.02%), that's slightly above last trading month's daily average range of $1.22. 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 a key support level at 48.32. Unable to break through the key technical resistance level at 49.95, the share closed below it after spiking as high as 50.54 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 48.32 where further sell 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 bullish.
Market Conditions for CF Industries Holdings Inc
|Close to R1 Resistance||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
|Bullish Spinning Top||TQ Pro Members Only|
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