CMA closes higher for the 4th day in a row
Comerica Incorporated (CMA) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (CMA as at May 17, 2018):
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.
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.
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.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
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.