CGC.AX drops to lowest close since August 2nd


Costa Group Holdings (CGC.AX) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
CGC.AX runs into sellers around 8.46 for the third day in a row
CGC.AX dominated by bears dragging the market lower throughout the day
CGC.AX closes lower for the 2nd day in a row
CGC.AX ends the day on a bearish note closing near the low of the day
CGC.AX stuck within tight trading range
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, CGC.AX finished the week -0.36% lower at 8.33 after losing A$0.06 (-0.72%) today on low volume. Today's closing price of 8.33 marks the lowest close since August 2nd. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for CGC.AX
Volatility

Friday's trading range was A$0.14 (1.66%), that's below last trading month's daily average range of A$0.17. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 8.28 and 8.47 which it has been in now for the last three days.

Price Action

Despite a strong opening the share closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Costa Group ran into sellers again today around 8.46 for the third trading day in a row after having found sellers at 8.46 in the previous session and at 8.47 two days ago.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying could speed up should prices move above the nearby swing high at 8.51 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 8.28 where further sell stops might get triggered.

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
Condition Forecast Direction Win Avg Worst Best Events
Low close to previous low TQ Pro Members Only
3 Consecutive Higher Closes TQ Pro Members Only
Bullish Outside Bar TQ Pro Members Only
Last Engulfing Top Pattern TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

CGC.AX closes within prior day's range

Aug 16, 2018
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