CFG fails to close above 50-day moving average

Citizens Financial Group (CFG) Technical Analysis Report for Sep 14, 2018

Highlights

CFG fails to close above 50-day moving average
CFG runs into sellers again around 40.49
CFG closes within previous day's range

TQ Sentiment

Report Sentiment: 42% Bearish
Technical Forecast:

Overview

CFG finished the week -2.12% lower at 40.14 after gaining $0.37 (0.93%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily chart for CFG

Volatility

Friday's trading range was $0.76 (1.91%), that's above last trading month's daily average range of $0.59. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 39.70. Prices are trading close to the key resistance level at 40.55. After having been unable to move above 40.56 in the previous session, Citizens Financial ran into sellers again around the same price level today, failing to move higher than 40.49. After spiking up to 40.49 during the day, the stock found resistance at the 50-day moving average at 40.47.

Trend

The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

Selling might accelerate should prices move below the nearby swing low at 39.61 where further sell stops could get activated. Further selling might move prices lower should the market test August's close-by low at 39.42.

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

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