CFG closes lower for the 2nd day in a row
Citizens Financial Group (CFG) Technical Analysis Report for Aug 10, 2018
Moving lower for the 2nd day in a row, CFG finished the week -0.37% lower at 40.27 after losing $0.32 (-0.79%) today on low volume. Trading up to $0.22 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing below Thursday's low at 40.56, Citizens Financial confirms its breakout through the previous session's low having traded $0.76 below it intraday.
Daily Candlestick Chart (CFG as at Aug 10, 2018):
Friday's trading range was $0.64 (1.6%), that's slightly below last trading month's daily average range of $0.70. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
After trading as low as 39.80 during the day, the market bounced off the key support level at 39.85. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 40.47.
Although the stock 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.
Further buying could move prices higher should the market test July's close-by high at 41.22.