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 | by Techniquant Editorial Team


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


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 Candlestick Chart (CGC.AX as at Jul 13, 2018):

Daily technical analysis candlestick chart for Costa Group Holdings (CGC.AX) as at Jul 13, 2018

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.

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.

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.

Market Conditions for CGC.AX as at Jul 13, 2018

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