CMA unable to break through key resistance level

Comerica Incorporated (CMA) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team


CMA closes above its opening price after recovering from early selling pressure
CMA unable to break through key resistance level
CMA closes lower for the 2nd day in a row
CMA breaks below previous session low
CMA falls to lowest close since July 31st


Moving lower for the 2nd day in a row, CMA finished the week -0.9% lower at 97.14 after losing $0.77 (-0.79%) today. Today's closing price of 97.14 marks the lowest close since July 31st. Trading up to $0.39 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing below Thursday's low at 97.62, the share confirms its breakout through the prior session's low having traded $1.22 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 (CMA as at Aug 10, 2018):

Daily technical analysis candlestick chart for Comerica Incorporated (CMA) as at Aug 10, 2018

Friday's trading range was $1.07 (1.11%), that's far below last trading month's daily average range of $1.66. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Unable to break through the key technical resistance level at 97.40, Comerica Inc. closed below it after spiking as high as 97.47 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Market Conditions for CMA as at Aug 10, 2018

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