CMA closes higher for the 4th day in a row


Comerica Inc. (CMA) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
CMA closes above its opening price after recovering from early selling pressure
CMA finds buyers at key support level
CMA closes higher for the 4th day in a row
CMA ends the day on a bullish note closing near the high of the day
CMA finds buyers again around 98.14
TQ Sentiment
Report Sentiment: 40% Bullish
Technical Forecast:
Overview

Moving higher for the 4th day in a row, CMA finished Thursday at 99.37 gaining $0.35 (0.35%). Today's closing price of 99.37 marks the highest close since March 13th. Trading up to $0.54 lower after the open, the market 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 beyond the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for CMA
Volatility

Thursday's trading range was $1.34 (1.36%), that's below last trading month's daily average range of $1.86. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 97.28 and 99.60 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

After trading as low as 98.14 during the day, Comerica Inc. bounced off the key support level at 98.60. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 98.10 in the previous session, the share found buyers again around the same price level today at 98.14.

Trend

The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying could speed up should prices move above the nearby swing high at 99.60 where further buy stops might get triggered. With prices trading close to this year's high at 102.66, upside momentum could accelerate should CMA be able to break out to new highs for the year.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.

Market Conditions for Comerica Inc.
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
White Candle TQ Pro Members Only
Close to Swing High TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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