CMA unable to break through key resistance level
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.
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.
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 Comerica Inc.
|Close to S1 Support||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Bounced off Technical Support S1||TQ Pro Members Only|
|Bearish Break through SMA 20||TQ Pro Members Only|
|Bearish Spinning Top||TQ Pro Members Only|
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