CLH closes above its opening price after recovering from early selling pressure
Clean Harbors (CLH) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
CLH ended the week 0.23% higher at 61.93 after gaining $0.50 (0.81%) today. Trading up to $0.42 lower after the open, Clean Harbors managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.
Daily Candlestick Chart (CLH as at Aug 10, 2018):
Friday's trading range was $1.03 (1.67%), that's slightly below last trading month's daily average range of $1.36. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way above average. Prices continued to consolidate within a tight trading range between 61.09 and 62.18 which it has been in now for the last three days.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
After trading as low as 61.15 during the day, the market bounced off the key support level at 61.44. The failure to close below the support might increase that levels importance as support going forward. The stock ran into sellers again today around 62.18 for the third trading day in a row after having found sellers at 62.04 in the prior session and at 62.06 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 61.09 where further sell stops might get activated.