CGC.AX drops to lowest close since August 2nd
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.
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.
Despite a strong opening the share closed below the prior day's open and close, forming a bearish Engulfing Candle.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.
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
|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|
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