CGC.AX closes below its opening price unable to hold early session gains

Costa Group Holdings (CGC.AX) Technical Analysis Report for Jul 13, 2018

Highlights

CGC.AX closes below its opening price unable to hold early session gains
CGC.AX finds buyers at key support level
CGC.AX closes higher for the 4th day in a row
CGC.AX rises to highest close since July 2nd
CGC.AX closes within previous day's range

TQ Sentiment

Report Sentiment:
Neutral
Technical Forecast:
TQ Pro Only
See the overall Technical Analysis forecast for today.

Overview

Moving higher for the 4th day in a row, CGC.AX ended the week 2.34% higher at 7.86 after edging higher A$0.01 (0.13%) today. Today's closing price of 7.86 marks the highest close since July 2nd. Trading A$0.07 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range.

Daily chart for CGC.AX

Volatility

Friday's trading range was A$0.20 (2.52%), that's slightly below last trading month's daily average range of A$0.22. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Support/Resistance

After trading as low as 7.80 during the day, the stock bounced off the key support level at 7.83. The failure to close below the support could increase that levels importance as support going forward.

Trend

While Costa Group is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

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 Costa Group Holdings

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Latest Report:

CGC.AX finds buyers at key support level

Sep 25, 2018
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