CF unable to break through key resistance level


CF Industries Holdings Inc (CF) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
CF closes below its opening price unable to hold early session gains
CF unable to break through key resistance level
CF ends the day on a bearish note closing near the low of the day
CF closes within previous day's range
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

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.

Daily chart for CF
Volatility

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.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Selling might speed up should prices move below the nearby swing low at 48.32 where further sell stops could get activated.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
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
More market conditions identified for TQ Pro members...
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Latest Report:

CF closes within prior day's range

Aug 17, 2018
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