CF closes within previous day's range after lackluster session


CF Industries Holdings Inc (CF) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
CF finds buyers around 40.47 for the third day in a row
CF closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

CF ended Thursday at 41.10 gaining $0.55 (1.36%). Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.

Daily chart for CF
Volatility

Thursday's trading range was $0.80 (1.97%), that's below last trading month's daily average range of $1.08. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being above average.

Price Action

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 stock managed to close higher but below the previous day's open, forming a bullish Harami Candle.

Support/Resistance

The share found buyers again today around 40.47 for the third trading day in a row after having found demand at 40.33 in the prior session and at 40.47 two days ago.

Trend

Although the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 42.04 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 40.33 where further sell stops might get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.

Market Conditions for CF Industries Holdings Inc
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Black Candle TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bullish Bounce off SMA 50 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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