CMA pushes through 20-day moving average
CMA finished Monday at 96.11 edging higher $0.04 (0.04%) on high volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was $1.82 (1.88%), that's below last trading month's daily average range of $2.66. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to a key support level at 94.84. Unable to break through the key technical resistance level at 96.66, the market closed below it after spiking as high as 97.20 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move lower than 95.35 in the prior session, the stock found buyers again around the same price level today at 95.38. After trading as low as 95.38 during the day, the share found support at the 20-day moving average at 96.07.
CMA shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The market managed to break above the 20-day moving average at 96.07 today for the first time since April 12th.
Selling might accelerate should prices move below the close-by swing low at 95.35 where further sell stops could get activated. Further selling might move prices lower should the market test March's nearby low at 91.50.
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 near high of period||TQ Pro Members Only|
|Very Strong Up Move||TQ Pro Members Only|
|Bullish Break through SMA 20||TQ Pro Members Only|
|RSI(2) above 80||TQ Pro Members Only|
|Price broke through Technical Resistance R1||TQ Pro Members Only|
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