CFG fails to close above 50-day moving average
Citizens Financial Group (CFG) Technical Analysis Report for Sep 14, 2018
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.
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.
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.
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.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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