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CME still stuck within tight trading range


Technical Analysis Report for CME - May 17, 2018 [1 min read]
Highlights
CME finds buyers around 159.40 for the third day in a row
CME closes above its opening price after recovering from early selling pressure
CME finds support at 20-day moving average
CME closes higher for the 2nd day in a row
CME ends the day on a bullish note closing near the high of the day
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, CME finished Thursday at 160.70 edging higher $0.03 (0.02%) on low volume. Trading up to $0.93 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 previous day's range, prices failed to decisively move past the prior 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 CME
Volatility

Thursday's trading range was $1.51 (0.94%), that's far below last trading month's daily average range of $3.04. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 158.50 and 161.37 which it has been in now for the last trading week.

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. Despite a weak opening the stock managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Prices are trading close to the key resistance level at 161.37. The share found buyers again today around 159.40 for the third trading day in a row after having found demand at 159.37 in the previous session and at 159.27 two days ago. After trading as low as 159.40 during the day, CME Group found support at the 20-day moving average at 159.84.

Trend

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

Order Flow

Buying might speed up should prices move above the close-by swing high at 161.37 where further buy stops could get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bullish Bounce off SMA 20 TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bullish Engulfing Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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