CFG closes above its opening price after recovering from early selling pressure
Moving lower for the 2nd day in a row, CFG ended Thursday at 42.50 edging lower $0.04 (-0.09%). Trading up to $0.33 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was $0.64 (1.51%), that's below last trading month's daily average range of $0.91. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 42.08 and 43.12 which it has been in now for the last trading week.
Prices are trading close to the key resistance level at 42.82. After spiking up to 42.72 during the day, the share found resistance at the 50-day moving average at 42.65.
While 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.
Buying could speed up should prices move above the close-by swing high at 43.12 where further buy stops might get activated. Further buying could move prices higher should the market test April's nearby high at 43.62.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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