CINF closes lower for the 2nd day in a row
Cincinnati Financial (CINF) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, CINF finished the week -1.52% lower at 74.39 after losing $0.61 (-0.81%) today. Today's closing price of 74.39 marks the lowest close since July 26th. Closing below Thursday's low at 74.85, the stock confirms its breakout through the previous session's low having traded $0.96 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (CINF as at Aug 10, 2018):
Friday's trading range was $0.68 (0.91%), that's below last trading month's daily average range of $1.12. 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 73.89 during the day, Cincinnati Financial bounced off the key support level at 74.28. The failure to close below the support could increase that levels importance as support going forward.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Buying might accelerate should prices move above the close-by swing high at 75.50 where further buy stops could get activated.