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 [< 1 min read]
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: 0% Neutral
Technical Forecast:
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
ConditionForecastDirectionWinAvgWorstBestEvents
High close to previous High TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
High close to previous two Highs TQ Pro Members Only
Bullish Outside Bar TQ Pro Members Only
More market conditions identified for TQ Pro members...
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