CMA pushes through 20-day moving average


Comerica Inc. (CMA) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
CMA pushes through 20-day moving average
CMA unable to break through key resistance level
CMA finds support at 20-day moving average
CMA finds buyers again around 95.38
CMA closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 44% Bullish
Technical Forecast:
Overview

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.

Daily chart for CMA
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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.

Order Flow

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.

Conclusion

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.
ConditionForecastDirectionWinAvgWorstBestEvents
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
More market conditions identified for TQ Pro members...
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