CFG closes lower for the 2nd day in a row


Citizens Financial Group (CFG) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
CFG closes above its opening price after recovering from early selling pressure
CFG finds buyers at key support level
CFG closes lower for the 2nd day in a row
CFG breaks below previous session low
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

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 chart for CFG
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

Further buying could move prices higher should the market test July's close-by high at 41.22.

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 Citizens Financial Group
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Very Strong Down Move TQ Pro Members Only
Strong Down Move TQ Pro Members Only
Bearish Bounce off SMA 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

CFG breaks key support level

Aug 15, 2018
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